MANILA – The Department of Trade and Industry (DTI) is confident that the Philippines is ready to achieve a yearlong growth, particularly after the country’s gross domestic product (GDP) registered a year-on-year growth of 5.7 percent.
In a statement, DTI Secretary Fred Pascual said that the latest GDP growth rate reflects the continued commitment of the Marcos, Jr. administration to propel the country’s economic expansion.
“Despite several challenges in the first quarter of 2024, our economic performance underscores our enduring resilience both domestically and internationally,” Secretary Pascual expressed following the Philippine Statistics Authority’s release of the latest GDP report for the first quarter of 2024.
The report revealed that the GDP growth benefited from notable contributions from the financial and insurance, wholesale and retail trade, and manufacturing sectors.
The report also showed that in terms of sectoral growth, the services sector reported a 6.9 percent growth, while industry and agriculture, forestry and fishing posted 5.1 percent and 0.4 percent respectively.
“These data signal the Philippine economy's positive trajectory towards achieving a growth rate of 6.0% to 7.0% this year. The DTI is one of the major contributors to this growth, implementing key programs and actions to foster a robust business environment and fuel economic development,” the trade chief added.
(Courtesy of Department of Trade and Industry)
According to the DTI, the department is also at the forefront of enhancing manufacturing capabilities by facilitating technology adoption in line with Industry 4.0, covering “smart manufacturing initiatives, skills development, and fostering industry innovation to improve production efficiency and global competitiveness.”
The DTI is also focusing on selected key areas by upgrading, upskilling and upsizing of micro, small and medium enterprises to help boost their competitiveness and productivity.
To continue attracting foreign and domestic investments, DTI reiterated its commitment to actively promote the Philippines as a desirable investment destination with the aim to generate jobs, increase exports, and maintain a positive trade balance by streamlining processes and providing incentives to businesses.
Pascual is also positive that the significant growth of 4.8 percent in merchandise exports in the first quarter of 2024 compared to the same period last year will boost the country’s export performance in the areas of electronics, mainly semiconductors and electronic data processing, copper concentrates, coconut oil, fresh bananas and chemicals.
“Through a whole-of-government approach, we will continue to work in attracting investments, promoting local enterprises, generating high-quality and better-paying jobs, and ensuring the accessibility and affordability of basic necessities and prime commodities for Filipinos,” Pascual declared.
