PH economy grows 5.8% in first 3 quarters, leads Asia

The Philippine economy demonstrated one of the highest growth rates in Asia for 2024, achieving an average of 5.8 percent in the first three quarters.

This economic expansion notably surpassed that of Malaysia, Indonesia, China, and Singapore during the same period.

The primary drivers behind this growth were strong capital formation and increased government spending.

Despite facing significant challenges like El Niño and strong typhoons associated with La Niña, the Philippines maintained its strong economic performance.