NEDA chief says PH economic performance still impressive

National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said Friday that the Philippines' economic performance remains impressive even after falling short of its target for 2024.

During a press briefing, Balisacan said the factors that could have affected the country’s economic performance were out of government’s control.

“We fall short of the target but that’s understandable, as I said, because of the external and domestic factors that are outside of our control,” Balisacan said.

“But nonetheless, you know, the performance of the economy was still quite impressive compared to our neighbors in the entire Asia,” he added.

The country’s Gross Domestic Product (GDP) grew by 5.8% during the first three quarters of 2024, which was lower than its target of 6.5% to 8.0%, the Presidential Communications Office said.

Balisacan said the Philippines continues to be one of the top performers among emerging economies in Asia.

He also mentioned agriculture as one of the sectors with the biggest losses in the second half of last year because of an unprecedented number of typhoons that hit the country.

On Thursday, President Ferdinand ''Bongbong'' Marcos Jr. said he is satisfied with the government’s economic achievements last year.

“But we have to make it known to people that this is what we are doing. So, it has to be in a language that is easily digestible and in a language that makes sense to Juan dela Cruz. We’re falling behind in making the connection between what we are doing to the lives of ordinary Filipinos,” Marcos said.

For this year, the Philippines aims to sustain a higher growth trajectory — a GDP growth target of 6.0-8.0 percent compared to last year’s 6.0 -6.5 percent target; headline inflation rate within 2.0 -4.0 percent; and poverty incidence below 13.2 percent this year and 9.0 percent in 2028. — BAP, GMA Integrated News