The Philippine Statistics Authority (PSA) confirmed that the country’s economic growth in the third quarter remained at 5.2 percent but made adjustments in key sectors.
In its latest report, the PSA revised the growth rate for the education sector upward to 4.1 percent from the previously recorded 2.6 percent. Manufacturing saw a slight increase to three percent from 2.8 percent, while financial and insurance activities climbed to 9.1 percent from 8.8 percent.
Meanwhile, the gross national income for the third quarter was kept at 6.8 percent. However, net primary income from the rest of the world was revised down slightly to 19.2 percent from 19.3 percent.
The agency said these adjustments align with its standard revision policy, following international practices. The full-year 2024 economic performance and fourth-quarter data will be released on January 30.
Despite these revisions, the Philippines likely missed its 2024 growth target of six to 6.5 percent, according to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan. He attributed this to the impact of typhoons in October and November.
Economic analysts estimate that the country’s growth averaged 5.9 percent for 2024, slightly higher than the 5.8 percent recorded from January to September.
