Philippine economy grows 5.6%, falls short of target

The Philippines' economy grew by 5.6% in 2024, falling short of the government's target of 6-6.5%, due to weaker household consumption and investment spending amidst high inflation and interest rates.

Weaker household consumption and investment spending were key factors contributing to the lower-than-expected growth.

High inflation and interest rates further exacerbated economic challenges.

The Philippine economy continues to face difficulties in achieving its targeted growth rate.