Inquirer
PH economy grows by 6.1% on average during Marcos’ term
The Philippine economy has demonstrated an average growth of 6.1% since President Ferdinand R. Marcos Jr. assumed office in 2022.
This growth rate, recorded from the third quarter of 2022 to the first quarter of 2024, surpasses that of several neighboring Southeast Asian economies.
In the first quarter of 2024, the Philippines achieved a 5.7% economic expansion, outperforming Indonesia, Malaysia, Singapore, and Thailand.
Economic managers anticipate continued growth, projecting a 6.0% to 7.0% expansion for 2024 and 6.5% to 7.5% for 2025.
Both the International Monetary Fund (IMF) and the Asian Development Bank (ADB) forecast the Philippine economy to grow by at least 6% in both 2024 and 2025, with the ADB projecting 6.0% for 2024 and 6.2% for 2025.
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The ASEAN+3 Macroeconomic Research Office (AMRO) has lowered its Philippine economic growth forecast to 6.1% for 2024 and 6.3% for 2025, citing a weaker-than-expected external sector recovery.
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The International Monetary Fund (IMF) maintained its six percent economic growth forecast for the Philippines in 2024 and 6.2 percent for 2025.
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The Asian Development Bank (ADB) has maintained its economic growth forecast for the Philippines at 6 percent for 2024.
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House leaders, led by Speaker Martin Romualdez, praised President Ferdinand "Bongbong" Marcos Jr. for the administration's economic achievements, presenting advanced testimonials ahead of his third State of the Nation Address (SONA).
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