MANILA, Philippines – The Philippine economy failed to meet the government’s 2024 growth target as the country’s gross domestic product (GDP) grew 5.2% in the fourth quarter, the Philippine Statistics Authority reported on Thursday, January 30.
That brought the Philippines’ 2024 GDP growth rate to 5.6%, below the government’s target range of 6% to 6.5%.
Finance Secretary Ralph Recto earlier said the Philippines may not hit its 2024 growth target due to the six tropical cyclones that battered the country between October and November, which prevented the economy from further growing.
The Development Budget Coordination Committee (DBCC) in December trimmed its GDP growth target to the 6%-6.5% range from the 6%-7% range to reflect what it described as domestic and global developments.
Despite the adjustment, the DBCC remained confident that slower inflation allowed Filipino household consumption to rebound during the holiday season. It also cited the Bangko Sentral ng Pilipinas’ easing of benchmark rates and improving conditions in the job market.
The DBCC also revised its growth targets to 6% to 8% for 2025 to 2028. – Rappler.com
