This article is in: Philippine Filon Network.
In view of the strong economic performance of the Philippines in the third quarter, the Asian Development Bank (ADB) maintained its support for the country's growth this year**, which is 57%。
The Philippines' GDP grew by 59%, up from 43%, which brings the country's average economic growth in the first three quarters of the year to 55%。However, to achieve the 6%-7% growth rate previously set by the Philippines, the country needs to grow by 72%。
Arsenio Balisacan, head of the Philippine National Economic Development Agency (NEDA) and secretary of socio-economic planning, recently expressed optimism about achieving the lower bound of the growth target range, as inflation has slowed and the labor market is performing well.
The Philippine economy continues to be supported by domestic demand, ADB said, saying that while household consumption slowed in the third quarter (overall due to inflation), overall household consumption remained strong amid low unemployment and stable remittances from overseas workers. At the same time, consumption emerged in the third quarter as steps were taken to accelerate spending, including addressing procurement delays.
ADB said the increase in public investment in 2024 will boost the country's economy, which in turn will boost consumer spending, especially in hotels, restaurants and tourism activities, as international tourism recovers strongly across Southeast Asia.
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