The Philippine Statistics Authority (PSA) on January 30 recorded that the country's GDP in 2024 increased by 5.6%, lower than the government's target of 6-6.5%.
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| The Philippine economy in 2025 needs to build greater resilience through diversified sources of growth and price stability. (Source: IFLR) |
Speaking at a press conference, Philippine Undersecretary of State for Economic and Development Affairs Rosemarie Edillon stated: “Although (GDP growth) did not reach the target of 6-6.5%, we are still ranked as the third fastest growing economy in the region.”
The Philippines faces many obstacles in 2024 including extreme weather events, geopolitical tensions and declining global demand, similar to the challenges in 2023, she said.
Undersecretary Edillon noted that the agricultural sector suffered heavy losses from late October to mid-November last year, when six consecutive typhoons hit the Philippines.
Looking ahead to 2025, Deputy Minister Edillon stressed the need to build greater economic resilience through diversified sources of growth and price stability.
“We will ensure stable food supplies and prevent unjustified price increases through strategic trade policies, timely distribution of production and post-production support, and proactive measures against hoarding,” she pledged.
Source: https://baoquocte.vn/6-con-bao-lien-tiep-tan-pha-kinh-te-philippines-chat-vat-ve-dich-nam-2024-302663.html
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