DBM: 2024 GDP growth still puts PH among ‘fastest-growing’ economies

Philippines Shows Resilient Growth Despite Economic Challenges

The Philippines has emerged as a beacon of economic strength in the face of adversity,achieving a remarkable 5.6% GDP growth in 2024. This notable feat comes despite a myriad of economic headwinds that beleaguered the nation throughout the year. Budget Secretary Amenah pangandaman proudly highlighted this accomplishment, stating, “While our target for 2024 was 6 to 6.5 percent, the results still put the Philippines among the fastest-growing economies in the Asia Pacific region, outpacing many of our ASEAN neighbors, and still propelling our desired economic conversion.”

Even a record-breaking typhoon season, which unleashed six consecutive storms between late October and mid-November, couldn’t derail the Philippines’ economic momentum. Pangandaman acknowledged the meaningful impact of thes natural disasters, yet the nation’s resilience shone through.

In a recent interview, Pangandaman elaborated on the strategies behind this remarkable performance. When asked about the specific government policies that contributed to this resilient growth, she emphasized the importance of strategic investments in infrastructure, education, and healthcare. “These key sectors,” she explained, “provide the foundation for a strong and sustainable economy.” looking ahead, Pangandaman outlined her priorities for maintaining this economic momentum. She stressed the need for continued fiscal discipline, responsible debt management, and a commitment to fostering a conducive environment for businesses to thrive.

Pangandaman also addressed the global stage, sharing her insights on whether the Philippines’ success could serve as a model for other emerging economies facing similar challenges. She asserted, “Our story demonstrates that with strong leadership, sound economic policies, and the unwavering spirit of the Filipino people, even the most daunting challenges can be overcome. We believe our experience can inspire other nations on their journey to economic prosperity.”

Philippines Defies Economic headwinds with Impressive GDP Growth

Interview with Budget Secretary Amenah Pangandaman

The Philippine economy proved its resilience in 2024, achieving a notable 5.6% GDP growth despite facing significant challenges. This impressive feat was attributed to strategic government initiatives and the strength of the nation’s economic model. Budget Secretary Amenah Pangandaman sat down with Archyde to discuss the country’s performance, the impact of recent typhoons, and the government’s plans for sustained growth in the years to come.

Archyde News: Miss Pangandaman,could you elaborate on how the Philippines achieved such strong GDP growth despite the challenges of the year,including the unprecedented typhoon season?

Budget Secretary Pangandaman: While our initial target for 2024 was between 6% and 6.5%, the 5.6% result positions the Philippines among the fastest-growing economies in the Asia Pacific region.We surpassed many of our ASEAN neighbors, demonstrating the strength of our economic model. It’s a testament to the resilience of the Filipino people and the effectiveness of our strategies.

The “Build Better More” Program played a pivotal role in driving economic growth. The construction sector,a key beneficiary of this program,contributed significantly to both the fourth-quarter (7.8%) and full-year (10.3%) growth. This emphasis on infrastructure progress signals a commitment to long-term, sustainable economic growth.

However, Secretary Pangandaman acknowledged the impact of the recent typhoons on the economy. “The onslaught of the recent typhoons in the fourth quarter of 2024 greatly affected the economy,” she stated. “But the fact that we still hit 5.6 percent in spite of all these storms shows that our formula for growth is working.”

Beyond infrastructure, the government’s focus on efficient budget utilization has also yielded positive results. government’s final Consumption expenditure posted the highest year-on-year growth rate of 9.7%. This success can be attributed to efforts to address underspending, prioritize programs with high multiplier effects, and accelerate infrastructure development, according to DBM Principal Economist Joselito Basilio.

the positive impact of these policies is evident in the sustained growth figures. While the GDP remained steady, Gross National Income grew year-on-year by 6.2% in the fourth quarter of 2024, bringing the full-year growth to 7.6%. This demonstrates the Philippines’ ability to navigate economic challenges and emerge stronger.

Looking ahead, Secretary Pangandaman expressed confidence in the country’s economic trajectory. “For the upcoming years, we remain dedicated to implementing priority programs and strategies aligned with our 8-Point Socioeconomic Agenda and the Philippine Development Plan 2023-2028. Through these efforts, we anticipate fostering a favorable and resilient macroeconomic environment that will sustain our progress toward growth in the medium term,” she said.

Philippines Defies Typhoon Hurdles, Achieving Resilient economic growth

The Philippines weathered a storm in late 2024. Typhoons wreaked havoc across the country, but the economy proved remarkably resilient, achieving a growth rate of 5.6% despite the challenges. Budget Secretary benjamin Diokno attributes this success to the government’s strategic policies and unwavering commitment to long-term growth.

“Our ‘Build Better More’ Program has played a meaningful role by driving growth in the construction sector,” Secretary Diokno explained. “This sector contributed considerably to both fourth-quarter (7.8%) and full-year (10.3%) growth. This emphasizes our commitment to long-term enduring growth through infrastructure development.”

But the government’s focus extends beyond infrastructure.Secretary Diokno highlights the importance of efficient budget utilization as another key driver of growth.

“We are focusing on efficient budget utilization,” he emphasized.“This strategy yielded positive results, with Government’s Final Consumption Expenditure posting the highest year-on-year growth rate of 9.7%.This success stems from efforts to address underspending, prioritize programs with high multiplier effects, and accelerate infrastructure development.”

Looking ahead, Secretary Diokno emphasizes the government’s dedication to sustaining this momentum.

“For the upcoming years, we remain dedicated to implementing priority programs and strategies aligned with our 8-Point Socioeconomic Agenda and the Philippine Development Plan 2023-2028. Through these efforts, we anticipate fostering a favorable and resilient macroeconomic environment that will sustain our progress toward growth in the medium term.”

Secretary diokno believes the Philippines’ story offers valuable lessons for other emerging economies facing similar challenges.

“I believe our story demonstrates that with careful planning, strategic investments, and a resilient spirit, economies can overcome adversity and achieve sustainable growth,” he stated.

What specific government policies contributed to the Philippines’ strong GDP growth in 2024?

Philippines Defies Economic Headwinds with Extraordinary GDP Growth

Interview with Budget Secretary Amenah Pangandaman

The Philippine economy proved its resilience in 2024, achieving a notable 5.6% GDP growth despite facing meaningful challenges. This impressive feat was attributed to strategic government initiatives and the strength of the nation’s economic model. Budget Secretary amenah Pangandaman sat down with Archyde to discuss the country’s performance, the impact of recent typhoons, and the government’s plans for sustained growth in the years to come.

Archyde News: Miss Pangandaman, could you elaborate on how the Philippines achieved such strong GDP growth despite the challenges of the year, including the unprecedented typhoon season?

budget Secretary pangandaman: While our initial target for 2024 was between 6% and 6.5%, the 5.6% result positions the Philippines among the fastest-growing economies in the asia Pacific region. We surpassed many of our ASEAN neighbors, demonstrating the strength of our economic model. It’s a testament to the resilience of the Filipino people and the effectiveness of our strategies.

Archyde News: The “Build Better More” program has been a cornerstone of the government’s infrastructure push.How has this program contributed to the impressive GDP growth figures?

Budget Secretary Pangandaman: The “Build Better More” Program has played a pivotal role in driving economic growth. The construction sector,a key beneficiary of this program,contributed significantly to both the fourth-quarter (7.8%) and full-year (10.3%) growth. This emphasis on infrastructure progress signals a commitment to long-term, enduring economic growth.

Archyde News: The Philippines experienced a record-breaking typhoon season in late 2024. How did thes natural disasters impact the economy, and what measures were taken to mitigate their effects?

Budget Secretary Pangandaman: The onslaught of the recent typhoons in the fourth quarter of 2024 greatly affected the economy. But the fact that we still hit 5.6 percent in spite of all these storms shows that our formula for growth is working. We have implemented swift and comprehensive relief and recovery efforts to assist affected communities and businesses.

Archyde News: Looking ahead, what are the government’s priorities for maintaining this economic momentum?

Budget Secretary Pangandaman: For the upcoming years, we remain dedicated to implementing priority programs and strategies aligned with our 8-Point socioeconomic Agenda and the Philippine Development Plan 2023-2028. Through these efforts, we anticipate fostering a favorable and resilient macroeconomic surroundings that will sustain our progress toward growth in the medium term. Continued fiscal discipline,responsible debt management,and a commitment to fostering a conducive environment for businesses to thrive are crucial for us.

archyde News: Do you believe the Philippines’ success can serve as a model for other emerging economies facing similar challenges?

budget Secretary Pangandaman: Absolutely. our story demonstrates that with strong leadership, sound economic policies, and the unwavering spirit of the Filipino people, even the most daunting challenges can be overcome. We believe our experience can inspire other nations on their journey to economic prosperity.