Philippines projects GDP growth of 6.5-7.5% in 2024; 2023 growth 5.6%

05 Feb '24

1 min read

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The Philippines' 2023 GDP growth rate was 5.6 per cent, and the government projects 6.5-7.5-per cent growth this year.
The 2023 figure was more than that of China, Vietnam and Malaysia, and exceeded or matched forecasts by multilateral organisations and private analysts.
The preliminary 2023 debt-to-GDP ratio was 60.2 per cent; it was 60.9 per cent in 2022.

The gross domestic product (GDP) growth rate of the Philippines last year was 5.6 per cent, more than that of China (5.2 per cent), Vietnam (5 per cent) and Malaysia (3.8 per cent), and the government projects a growth of 6.5-7.5 per cent this year despite domestic and external headwinds.

The GDP figure also exceeded or matched forecasts by multilateral organisations and private analysts, such as the International Monetary Fund (IMF), the ASEAN+3 Macroeconomic Research Office (AMRO) and the World Bank.

The growth was a result of robust household consumption, strong spending, a healthy job market, consistent inflows of remittances from non-resident Filipinos and a rise in demand for goods and services, the country’s finance ministry said on its website.

The preliminary debt-to-GDP ratio was 60.2 per cent last year, an improvement from the 60.9 per cent recorded in 2022 and better than the 61.2 per cent medium-term fiscal framework target.

The government aims at achieving the PHP 4.3-trillion revenue collection target this year by enhancing tax administration efficiency and pushing for the passage of refined priority tax measures that promote fiscal sustainability without hindering economic growth and aggravating inflation.

Fibre2Fashion News Desk (DS)

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