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The Philippine economy likely sustained its strong growth in the second quarter of 2024, as the economic managers maintained their 2024 growth target of 6 percent to 7 percent.
Balisacan said that among major emerging economies in the region, the Philippines posted one of the fastest growths in the first quarter, next to India , equal to Vietnam , but ahead of China , Indonesia , Malaysia and Thailand . “Easing inflation, sustained improvements in labor market conditions and stable remittance growth will support household spending. The government will also continue implementing measures to address the elevated prices of rice and select food items and ensure food security to protect Filipinos’ purchasing power,” he said.
Balisacan said capital formation is expected to expand in 2024, supported by robust construction activities through the government’s “Build-Better-More program” and the “Pambansang Pabahay Para sa Pilipino” , the government’s national housing program. He said that on the external front, the country would continue to forge strategic foreign trade agreements with other markets. The Philippines is looking to advance bilateral FTAs with the European Union , the United Arab Emirates and India.
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