MANILA, Philippines — Despite falling short of its 2024 economic targets, the Philippines continues to rank among the top-performing economies in Asia, according to Economic Planning Secretary Arsenio Balisacan.
Balisacan, who leads the National Economic and Development Authority (NEDA) under President Marcos, outlined the economy’s performance recently during an economic briefing.
“Despite missing our initial targets, the economy’s performance remained impressive compared to our neighbors in Asia,” Balisacan stated.
The country’s gross domestic product (GDP) expanded by 5.8 percent during the first three quarters of 2024, falling short of the projected range of 6.5 to 8 percent.
In 2023, the Philippines achieved a GDP growth rate of 5.6 percent, surpassing neighboring economies such as China (5.2 percent), Vietnam (5 percent), and Malaysia (3.8 percent).
Economic Challenges
Balisacan attributed the reduced growth rate to multiple factors, including production issues and the intensity of typhoons that struck the country in 2024, as well as inflation. Despite these challenges, he emphasized the economy’s continued growth trajectory, which began well before the pandemic, and noted that the World Bank data still ranks the Philippines among the fastest-growing economies in Asia, alongside China, India, Indonesia, and Vietnam.
Ongoing Budget Review
