NEDA chief says Philippines' 5.8% growth strong despite missing 2024 target

National Economic Development Authority (NEDA) Secretary Arsenio Balisacan stated on Friday that despite falling short of its 2024 target, the Philippines' economic performance remains strong and impressive compared to neighboring Asian countries.

Balisacan attributed the shortfall to external and domestic factors beyond government control, emphasizing a growth rate of 5.8% for the first three quarters of 2024.

He highlighted agriculture as one of the hardest-hit sectors due to an unusually high number of typhoons last year but expressed optimism about its speedy recovery this year.

President Ferdinand 'Bongbong' Marcos Jr.'s administration remains committed to achieving economic targets, including GDP growth between 6% and 8%, bringing down poverty levels into single digits, and ensuring the efficient delivery of public services.

Budget Secretary Amenah Pangandaman stressed the need for close coordination between the executive and legislative branches to avoid future budget gaps, underscoring the importance of proper budget execution in achieving these targets.