Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort projected that the Philippine economy would grow between 6% and 6.5% in the third quarter of 2024. According to Ricafort, the expected growth is driven by seasonal increases in importation, manufacturing, and production activities in preparation for heightened demand during the holiday season. He also pointed out that increased infrastructure spending, particularly election-related spending ahead of the May 2025 elections, is expected to further boost economic expansion.
However, Ricafort also noted that storms and the effects of La Niña could pose risks by disrupting business operations and other economic activities.
The Philippine economy grew by 6.3% in the second quarter of the year. The Philippine Statistics Authority (PSA) is set to release the official third-quarter gross domestic product (GDP) figures in early November.
The Development Budget Coordination Committee (DBCC), which sets the country's economic and fiscal targets, has set a 6% to 7% growth target for 2024. Department of Budget and Management Secretary Amenah Pangandaman, who chairs the DBCC, mentioned that they might revise the growth target due to better-than-expected inflation data. Headline inflation fell to 1.9% in September, marking a four-year low.
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