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Manila Bulletin devider Business devider Economic team encouraged by first quarter's 5.7% growth rate

Economic team encouraged by first quarter's 5.7% growth rate

Published May 9, 2024 10:04 am

Despite the slowdown, President Marcos' three economic managers emphasized that the Philippines has maintained its position as one of the fastest-growing economies in the region.

Budget Secretary Amenah F. Pangandaman, Finance Secretary Ralph G. Recto, and National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan stated that the economic outlook for the Philippines remains optimistic.

The trio particularly highlighted that the 5.7 percent gross domestic product (GDP) growth rate from January to March positioned the Philippines as a leading force among Asia's emerging economies.

The Philippines' GDP growth is on par with Vietnam and surpassed that of China (5.3 percent), Indonesia (5.1 percent), South Korea (3.4 percent), Malaysia (3.9 percent), Singapore (2.7 percent), and Hong Kong (2.7 percent).

However, the latest growth rate is slower compared to the 6.4 percent recorded a year earlier and falls below the government's target range of 6.0 percent to 7.0 percent.

Balisacan said that this year's GDP target, which was adjusted downward by the economic team in April, remains within reach.

"Despite various risks and challenges, the economic outlook for the Philippines in the near and medium term remains bright. With hard work and the right policies in place, we are confident that we will achieve our growth target," Balisacan said.

Pangandaman echoed Balisacan's assessment, noting that the economy is steadily building growth momentum, surpassing the 5.5 percent expansion seen in the fourth quarter of 2023.

"I am confident that growth will accelerate further in the coming quarters as we prioritize shovel-ready projects for a more efficient implementation of the Build-Better-More program," Pangandaman said

Recto, meanwhile, said that robust domestic demand will sustain the country's economic growth trajectory despite challenges posed by weaker global growth and geopolitical issues.

Recto also highlighted the government's intensified efforts to enhance revenue collection, aiming to meet the P4.3 trillion revenue target for the year.

“The country’s economic expansion in the first quarter of the year was broad-based as all major production sectors registered positive growth,” the finance chief said.

Related Tags

ralph recto NEDA SECRETARY Arsenio M. Balisacan Finance Secretary Budget Secretary Amenah F. Pangandaman
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