Philippine economy to grow 6.1% in Q1 2024

The Philippine economy is forecast to grow by 6.1% in the first quarter of 2024, according to First Metro Investment Corporation (FMIC) and the University of Asia and the Pacific (UA&P).

This projected growth is primarily driven by increased government infrastructure spending, which is expected to gain traction through official development assistance and public-private partnership projects.

The economic acceleration is anticipated as the National Government aims for a stronger performance in 2024 compared to the previous year.

Actual government spending in 2023 exceeded its program by 2%, suggesting the administration will begin 2024 with more momentum.

If realized, the 6.1% GDP growth would be slower than the 6.4% logged in the first quarter of 2023, but faster than the 5.6% growth in the fourth quarter of 2023.

This growth figure is also expected to fall within the government's target range for the year.