Manila: The Philippines’ gross domestic product (GDP) expanded by 5.6 percent in 2024, falling short of the government’s target range of 6 percent to 6.5 percent, as reported by the Philippine Statistics Authority (PSA) on Thursday. Despite missing the target, the country remains the third-fastest growing economy in the region, according to National Economic and Development Authority Undersecretary Rosemarie Edillon.
According to Namibia Press Agency, Edillon addressed a press conference, outlining the challenges faced by the Philippines in 2024. The country encountered significant setbacks throughout the year, including extreme weather events, geopolitical tensions, and subdued global demand, which mirrored the difficulties experienced in 2023.
Edillon highlighted the agriculture sector’s struggles, noting the impact of six typhoons that struck between late October and mid-November. These natural disasters severely affected agricultural productivity and contributed to the missed growth target.
Looking ahead to 2025, Edillon emphasized the importance of building economic resilience through diversified growth sources and maintaining price stability. She outlined strategies to ensure a stable food supply and prevent unnecessary price hikes, including strategic trade policies, timely distribution of production support, and measures to combat hoarding.