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Budget chief welcomes 2024 GDP growth

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Pangandaman. (PHOTO FROM THE DBM)

Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman on Thursday welcomed news that the Philippine economy grew 5.6 percent in 2024, with a 5.2 percent expansion in the fourth quarter, despite significant challenges.  

“While our target for 2024 was 6.0 percent 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 continuing our desired economic transformation,” Pangandaman said in a statement.  

She noted that economic headwinds in 2024 were significant, particularly as the country experienced a record-breaking typhoon season. Between late October and mid-November, six consecutive storms disrupted economic activity.  

“The fact that we still hit 5.6 percent despite these storms shows that our formula for growth is working,” Pangandaman added.  

Pangandaman, who chairs the Development Budget Coordination Committee, highlighted that construction was the biggest contributor to growth, expanding 7.8 percent in the fourth quarter and 10.3 percent for the full year. The increase reflects progress under the government’s Build-Better-More infrastructure program.  

Meanwhile, government spending saw the highest year-over-year growth among major expenditure items, rising 9.7 percent in the fourth quarter.  

“The significant contributions of government spending highlight the effectiveness of the National Government’s efforts in sustaining economic growth, particularly in addressing issues of underspending, providing sufficient budgets to programs with the highest multiplier effects, and advancing infrastructure development,” DBM Principal Economist Joselito Basilio said.  

Pangandaman emphasized the government’s commitment to long-term economic resilience.  

“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.  

Basilio also noted that while GDP growth remained steady, Gross National Income increased 6.2 percent year over year in the fourth quarter, bringing full-year growth to 7.6 percent.  

“Moving forward, we will ensure that all the necessary support is in place to further boost GDP growth and pursue our Agenda for Prosperity,” Pangandaman said.  — DBM

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