Philippine Economy Demonstrated Resilience in 2024
Published: April 12, 2025 | By: LV33 Global Business Desk
Manila, Philippines — The Philippine economy defied global headwinds in 2024, posting stronger-than-expected growth amid inflation concerns, geopolitical risks, and tightening monetary policy worldwide. According to the Philippine Statistics Authority, the country’s GDP grew by 5.9%—surpassing regional projections.
🏗️ Growth Drivers
- 🛠️ Continued momentum in infrastructure projects under “Build Better More”
- đź›’ Increased consumer spending fueled by digital commerce and tourism
- đź’¸ Record-high OFW remittances totaling over $40 billion
- 🏦 Stable banking sector and low non-performing loan ratios
đź“Š Inflation & Monetary Policy
Headline inflation eased from a peak of 6.9% in 2023 to 4.1% by December 2024, thanks to tighter interest rates and food import strategies. The Bangko Sentral ng Pilipinas (BSP) maintained a cautious stance to balance price stability and economic expansion.
🌍 Global Risks Ahead
Despite positive indicators, analysts caution that supply chain disruptions, El Niño weather effects, and global oil price volatility remain key risks in 2025. The Department of Finance urged continued fiscal discipline and enhanced agricultural productivity to buffer against shocks.
The resilience shown in 2024 reinforces investor confidence in the Philippines’ economic fundamentals as the country enters a pivotal election year in 2025.
