The Philippine economy stretched to 5.2% for the third quarter of 2024, the Philippine Statistics Authority (PSA) said on Thursday.
The average Gross Domestic Product (GDP) for the first three quarters this year sat at 5.8%, slightly below the target of 6 or 7 percent for the year. According to the PSA, the country’s current GDP is weaker compared to the 6.4% growth in the previous quarter.
Despite that, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said that the Philippine economy continues to grow in a steady position, indicating a consistent and continuous expansion.
“Of the countries that have reported their third-quarter GDP growth rates, we remain one of the fastest-growing Asian economies," he said.
However, Balisacan explained that the slight contraction in the GDP was caused by the effects of El Niño, typhoons, and the habagat. He also noted the fishing ban in Cavite and Bataan due to the oil spill.
The evident effects on agriculture and the fishing sector posed a great decline in the economy’s state.
"I think the climate-related disruption, disturbances that happened in the last quarter, could have slowed down the spending. And that's even more so for those that are related to infrastructure," Balisacan stated.
With that in mind, Balisacan said that the government will improve its efficiency in disaster preparedness and response.
"As directed by the President, we must improve the efficiency and effectiveness of our disaster preparedness and response. National and local government units, in partnership with the private sector, will immediately work on rebuilding and restoring damaged public infrastructure, including electric and telecommunication lines, as well as major thoroughfares such as airports and seaports to ensure immediate resumption of economic activities, particularly in major tourist areas," the NEDA Secretary said.
