The economy of the Philippines grew at a fast 6.3% in the 2nd quarter (April to June 2024) according to a Philippine News Agency (PNA) news article. The declared quarterly growth rate placed the Philippines ahead of Malaysia, Indonesia and China.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
Philippine economic growth accelerated to 6.3 percent in the second quarter of the year from 4.3 percent in the same period last year, National Statistician Dennis Mapa said in a briefing on Thursday.
Mapa said economic growth during the period was also higher than the 5.8 percent gross domestic product (GDP) growth recorded in the first quarter of the year.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the latest economic growth makes the Philippines one of the fastest-growing economies in the region.
“This performance keeps our position as one of Asia’s best-performing major emerging economies. For East Asia’s economies that have released their second quarter 2024 GDP growth, we follow behind Vietnam at 6.9 percent while leading Malaysia at 5.8 percent, Indonesia at 5.0 percent, and China at 4.7 percent,” said Balisacan.
Among major economic sectors, industry and services grew by 7.7 percent and 6.8 percent, respectively. Agriculture, forestry, and fishing, however, contracted by 2.3 percent due to the effects of the El Niño phenomenon.
Household final consumption expenditure grew by 4.6 percent while government final consumption expenditure expanded by 10.7 percent.
Balisacan said the increase in government final consumption expenditure was driven by the timely implementation and expanded coverage programs of various social protection, health, and education programs, and preparatory activities for the 2025 national and local elections. Gross capital formation went up by 11.5 percent.
Public construction sustained double-digit growth of 21.8 percent as the government’s infrastructure agencies expedited the rollout of the Marcos Jr. administration’s construction and rehabilitation projects.
Exports of goods and services rose by 4.2 percent while imports of goods and services went up by 5.2 percent.
On track to meet target – “This significant development brings our real GDP growth to 6.0 percent for the first half of the year, keeping us on track to achieve our target growth rate of 6 to 7 percent for 2024,” said Balisacan.
He said the economy would need to grow by at least 6 percent in the second half to attain the lower end of the target for 2024.
Balisacan assured that the government would ensure the benefits of economic growth would be shared equitably.
“President Marcos began his 2024 State of the Nation Address with one of our most urgent priorities: the government will continue its push for food security by managing food inflation with appropriate supply-side measures,” he said.
He said the government was committed to utilizing strategic trade policy to augment insufficient domestic food supplies to meet rising demand.
The government will also expedite the rollout of social protection programs for the poor and vulnerable sectors, including enhancements to the Department of Social Welfare and Development’s Food Stamp Program and the 4Ps Program.
Aside from these, the government will also focus on raising agricultural productivity and improving farmers’ incomes and competitiveness.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to achieve a growth rate of at least 6.5% for the entire year?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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