Despite falling short of its 2024 economic growth target, the Philippines remains an impressive performer among emerging Asian economies, National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said Friday.
“We fell short of the target, but that’s understandable given external and domestic factors beyond our control,” Balisacan explained during a press briefing. “Nonetheless, the economy’s performance remains impressive compared to our neighbors in the region.”
2024 Economic Growth Performance
The Philippine economy grew by 5.8% in the first three quarters of 2024, lower than the government’s 6.5% to 8.0% target, according to the Presidential Communications Office.
Despite the shortfall, Balisacan highlighted the country’s resilience, emphasizing its standing as one of the top performers among emerging economies in Asia.
Challenges in Key Sectors
One of the most affected sectors in 2024 was agriculture, which faced significant losses in the second half of the year due to an unprecedented number of typhoons. These extreme weather events hampered agricultural output and impacted economic growth.
Marcos: Satisfied but Focused on Public Awareness
President Ferdinand “Bongbong” Marcos Jr. said he was satisfied with the government’s economic achievements in 2024 but acknowledged the need to better communicate these efforts to ordinary Filipinos.
“We have to make it known to people that this is what we are doing,” Marcos said Thursday. “It has to be in a language that is easily digestible and makes sense to Juan dela Cruz. We’re falling behind in making that connection.”
Economic Goals for 2025 and Beyond
For 2025, the Philippines aims to achieve a higher growth trajectory, targeting:
- GDP growth: 6.0% to 8.0%, up from last year’s 6.0% to 6.5% target.
- Inflation rate: Headline inflation of 2.0% to 4.0%.
- Poverty incidence: Below 13.2% this year and 9.0% by 2028.
The government remains optimistic about achieving these targets, with efforts focused on economic reforms, infrastructure development, and bolstering resilience in critical sectors like agriculture.