According to an International Monetary Fund (IMF) report released on October 3, 2024, the Philippines has managed to remain at a reasonable level of resilience despite the number of challenges in the macro environment.
According to an International Monetary Fund report released on October 3, 2024, the Philippines has managed to remain at a reasonable level of resilience despite the number of challenges in the macro environment. As a matter of fact, the country has ranked among the top contenders regarding economic growth in Southeast Asia for quite a number of years now.
The economy expanded 6.0 percent in the first six months of 2024. This can be attributed to the huge increases in government expenditure and public sector investment, which outpaced private consumption growth. However, private consumption is likely to remain subdued for most of the year. Thus, economic growth in 2024 is expected to decline by a small margin to 5.8 percent, though lesser than the performance in 2023, but still indicating growth. However, growth is anticipated to bounce back to 6.
The IMF indicated that the recent downtrend in inflation has resulted in BSP rebalancing its monetary policy. With inflation now within the BSP’s target band , this adjustment resulted in easing household cost of living, while at the same time further stabilizing the economy.
Moreover, there is an expectation that the current account deficit will decrease and will reach two percent of GDP in the fiscal year 2024 and 1.9 percent in the fiscal year 2025.
A release by Bangko Sentral ng Pilipinas last April 12, 2024 shows that Consumer sentiment was less optimistic for Q2 2024 and the following 12 months since the Confidence Index drops to 2.7 percent and 13.4 percent, respectively, from 5.6 percent and 15 percent, respectively in Q4 2023 survey round. The weaker outlook of consumers for both periods was attributed to their anticipation of: inflation, fewer available jobs, and lower income.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fintech Alliance PHL showcases PHL Fintech developments at Singapore FinTech Festival 2024MAKATI CITY, PHILIPPINES - FinTech Alliance.PH, the country’s premier and leading organization of unicorns, fintech startups, and organizations, has confirmed the Philippines' participation in the highly anticipated Singapore FinTech Festival.
Read more »
Embracing the nuclear future: PHL’s bold step towards energy security and sustainabilityIn a significant move that underscores the country’s commitment to a sustainable energy future, the Philippines will host this year the inaugural Philippine International Nuclear Supply Chain Forum (PINSCF).
Read more »
Green Lane system: A game-changer for PHL economic growth and competitivenessThe government’s initiative to establish a “green lane” system is a significant step towards attracting foreign direct investments and boosting the country’s economic growth. With the issuance of Executive Order 18, the Marcos administration has demonstrated its commitment to creating a conducive environment for strategic investments.
Read more »
Global award-winning HONOR Magic V3 is confirmed to arrive in PHLHONOR is on top of the world, literally – participating in a Guinness World Record, HONOR Magic V3 is coming soon in PH Manila, Philippines, September, 2024 – The leading global smart devices provider, HONOR, is launching the HONOR Magic V3 in the Philippines which is the brand’s thinnest...
Read more »
Empowering retirement with smart tradingAS more individuals look toward securing their retirement, SmarTrade is stepping up its game with one-on-one coaching and money management workshops, aimed at empowering individuals to learn how to take control of their financial future through smarter trading strategies.
Read more »
A first in PHL: Globe, Lynk hold successful satellite SMS trial in PHTelco giant Globe (www.globe.com.ph) recently held a successful end-to-end satellite SMS customer trial in a remote area with no reception in Zambales, a milestone in the company’s initiative to deliver connectivity in Geographically Isolated and Disadvantaged Areas (GIDAs).
Read more »