Phl one of fastest-growing economies in Asia

The Marcos administration has made 2024 a banner year for economic achievements and has once again successfully positioned the Philippines as among the fastest-growing economies in Asia despite global challenges such as geopolitical tensions.

- By LAWRENCE AGCAOILI

"2024 is a year of triumph for the Filipino people. In the face of unprecedented challenges, we have emerged stronger. I assure you that from here on, things will get better — because you have a government that works very hard to ensure that all Filipinos reap the rewards of strong economic growth through more comfortable lives and more high-quality jobs," Finance Secretary Ralph Recto said.

Within the first 100 days of Recto's leadership, the Development Budget Coordination Committee (DBCC) proactively recalibrated the government's medium-term targets to adapt to both domestic and global realities and ensure that these goals reflect the needs of the Filipino people.

Under the refined Medium-Term Fiscal Program, the country's deficit and debt are projected to gradually reduce, while ensuring that the government can finance the long-term investments needed to create more jobs, increase incomes, and decrease poverty.

Guided by the said program, the Philippines is on track to achieve a growth-enhancing fiscal consolidation, bringing multiple economic feats in 2024.

With robust capital formation and accelerated government spending, the Philippine economy expanded by 5.8 percent for the first three quarters of 2024 and remains among the fastest-growing economies in Asia, outpacing Malaysia's 5.2 percent, Indonesia's five percent, China's 4.8 percent and Singapore's 3.8 percent.

The economy has already doubled its size since 2013 in terms of nominal gross domestic product (GDP). By 2032, the Department of Finance (DOF)'s projections show that it can grow by another two-fold.

The country's economic team remains optimistic about meeting the growth target of six to 6.5 percent for 2024. Growth assumptions for 2025 to 2028 have been given a wider band of six to eight percent, underpinned by transformative structural reforms and the resilience to navigate evolving domestic and global challenges.