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Advocates Philippines
PH Posts 5.6% GDP Growth In 2024: DBM Chief Calls It A Win Despite Stormy Challenges
Photo credit: DBM
Even with back-to-back typhoons battering the country in late 2024, the Philippine economy still pulled off a 5.6% growth for the year, with a solid 5.2% in Q4, according to the latest figures. And for Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, that’s something worth celebrating.
“While our target was between 6.0 to 6.5 percent, these numbers still make us one of the fastest-growing economies in the Asia-Pacific region,” Pangandaman said, emphasizing that the Philippines outpaced many ASEAN neighbors despite the hurdles.
Storms, Spending, and Stronger Growth
One of the biggest economic challenges in 2024? A record-breaking typhoon season. From late October to mid-November, six consecutive storms hit the country, causing disruptions in various sectors. And yet, the economy still held its ground.
“The fact that we still hit 5.6 percent in spite of all these storms shows that our formula for growth is working,” Pangandaman pointed out.
Build-Better-More is Delivering
So, what’s driving this resilience? One big factor is the Build-Better-More program, which fueled growth in the construction sector—the biggest contributor to Q4’s 7.8% growth and the full-year 10.3% growth rate.
Government spending also played a major role, with Government Final Consumption Expenditure seeing a 9.7% increase—a sign that DBM’s push for efficient budget utilization is making an impact.
DBM Principal Economist Joselito R. Basilio noted that the government’s focused spending strategies helped sustain economic momentum by addressing underspending, channeling funds into high-impact programs, and accelerating infrastructure projects.
Staying on Track for Prosperity
Despite falling slightly short of its growth target, the government is sticking to its long-term game plan.
“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,” Pangandaman assured.
Looking ahead, she says the government is committed to keeping the momentum going to ensure a resilient and prosperous economy in the medium term.
And with Gross National Income (GNI) growing by 6.2% in Q4 and 7.6% for the full year, it’s clear that the Philippines is still moving in the right direction—despite the storms, both literal and economic.
“While our target was between 6.0 to 6.5 percent, these numbers still make us one of the fastest-growing economies in the Asia-Pacific region,” Pangandaman said, emphasizing that the Philippines outpaced many ASEAN neighbors despite the hurdles.
Storms, Spending, and Stronger Growth
One of the biggest economic challenges in 2024? A record-breaking typhoon season. From late October to mid-November, six consecutive storms hit the country, causing disruptions in various sectors. And yet, the economy still held its ground.
“The fact that we still hit 5.6 percent in spite of all these storms shows that our formula for growth is working,” Pangandaman pointed out.
Build-Better-More is Delivering
So, what’s driving this resilience? One big factor is the Build-Better-More program, which fueled growth in the construction sector—the biggest contributor to Q4’s 7.8% growth and the full-year 10.3% growth rate.
Government spending also played a major role, with Government Final Consumption Expenditure seeing a 9.7% increase—a sign that DBM’s push for efficient budget utilization is making an impact.
DBM Principal Economist Joselito R. Basilio noted that the government’s focused spending strategies helped sustain economic momentum by addressing underspending, channeling funds into high-impact programs, and accelerating infrastructure projects.
Staying on Track for Prosperity
Despite falling slightly short of its growth target, the government is sticking to its long-term game plan.
“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,” Pangandaman assured.
Looking ahead, she says the government is committed to keeping the momentum going to ensure a resilient and prosperous economy in the medium term.
And with Gross National Income (GNI) growing by 6.2% in Q4 and 7.6% for the full year, it’s clear that the Philippines is still moving in the right direction—despite the storms, both literal and economic.
Jan 31, 2025
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