The Philippine economy emerged as one of the fastest-growing in Asia in 2024, posting a 5.2% growth in the third quarter and averaging 5.8% across the first three quarters. This performance outpaced regional peers such as Malaysia, Indonesia, China, and Singapore.
The growth was fueled by increased capital formation and accelerated government spending, despite disruptions from the El Niño phenomenon, strong typhoons, and geopolitical challenges, according to an Inquirer.net report citing National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
Inflation, which stood at 6.0% last year, significantly eased to 3.2% by November, driven by measures like Executive Order 62, which reduced rice import tariffs. The Department of Finance noted that lower rice prices and expanded Kadiwa stores have benefitted the country’s most vulnerable households.
Economic managers are optimistic about achieving the government’s full-year growth target of 6.0% to 6.5%, citing strong holiday spending, stable commodity prices, and remittance inflows as key drivers for the fourth quarter.
Looking ahead, the administration plans to sustain growth through infrastructure investments, ease of doing business reforms, and increased competitiveness. Economic managers also aim for upper middle-income country status by 2025, contingent on maintaining the growth trajectory and a stable currency.
