NEDA: PHILIPPINE ECONOMY IN GOOD SHAPE AMID CHALLENGES


Philippines economy continues to thrive as one of Asia's top-performing nations, showcasing strength amid challenges (Photo courtesy of JC Gellidon/Unsplash)
Philippines’ economic performance remains impressive despite falling short of the government’s target growth rate of 6.5% to 8%, National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said.
Balisacan emphasized the resilience of the Philippine economy describing its performance as impressive in light of the challenges faced both domestically and globally.
“We fall short of the target, but that’s understandable because of the external and domestic factors that are outside of our control. But nonetheless, the performance of the economy was still quite impressive compared to our neighbors in the entire Asia,” Balisacan said.
An economist from the Bank of the Philippines Islands (BPI) said the growth may have been driven by consumer, government, and investment spending. It noted that slower inflation may have given households more room for discretionary spending, and that state spending went up by 20 percent ahead of the midterm elections.
The Philippine economy expanded by 5.8% in the first three quarters of 2024, retaining its position as one of Asia’s top-performing economies. For this year, the Philippines aims to sustain a higher growth trajectory.
A GDP growth target of 6.0-8.0 percent compared to last year’s 6.0 -6.5 percent target; headline inflation rate within 2.0 -4.0 percent; and poverty incidence below 13.2 percent this year and 9.0 percent in 2028.
Moreover, NEDA remains optimistic about the Philippines’ economic trajectory. Balisacan underscored the importance of strategic policies and investments to address vulnerabilities and sustain growth in key sectors.
The government is expected to prioritize initiatives aimed at bolstering infrastructure, improving climate resilience, and fostering inclusive economic development. The Philippines’ 5.8% GDP growth underscores its resilience in the face of adversity, continuing to shine as one of Asia’s most dynamic economies.
Source: ABS-CBN News
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