Philippine Economy Grows 6.3% in Q2 2024, Reflecting Effective Economic Policies

MANILA — The Philippine economy expanded by 6.3 percent in the second quarter of 2024, a growth rate that Speaker Martin Romualdez attributed to the effectiveness of President Ferdinand R. Marcos Jr.’s strategic economic policies amid challenging global conditions. Romualdez highlighted the collaboration between the executive and legislative branches as a key factor in the country’s economic performance.

According to Philippines News Agency, the strong growth in the industry and services sectors, which posted year-on-year increases of 7.7 percent and 6.8 percent respectively, played a crucial role in job creation and economic activity. The 4.6-percent rise in household consumption further indicated a boost in consumer confidence and spending, while government spending surged by 10.7 percent, reflecting the administration’s focus on infrastructure development and public services.

“The continuous growth of these sectors shows the Filipinos’ trust in our economy and the future of our country,” Romualdez said. He also emphasized the importance of supporting the agriculture sector, which contracted by 2.3 percent due to the El Niño phenomenon, and called for efforts to enhance the country’s global competitiveness in light of a 4.2-percent decline in exports.

House Ways and Means Committee Chairperson Joey Salceda echoed Romualdez’s sentiments, noting that the country’s robust growth was partially driven by an 11.5-percent increase in gross capital formation, reflecting strong investment activity. Salceda credited the recently enacted Public-Private Partnership (PPP) Code for stimulating infrastructure investments, particularly at the local level.

Salceda also pointed to significant growth in the manufacturing sector, particularly in areas linked to the creative industries, such as printing and media reproduction, which grew by 43 percent, and furniture manufacturing, which saw a 26.2-percent increase. He expressed optimism that the government would meet its growth targets for the year, despite ongoing global challenges.

Additionally, Trabaho Party-list spokesperson Atty. Filemon Javier lauded the administration’s economic policies, noting that the Philippines achieved the second-highest GDP growth in the world during the second quarter of 2024. He also highlighted the country’s historic “all-time-low” unemployment rate of 3.1 percent, attributing the milestone to the administration’s efforts to improve job quality, wages, and non-wage benefits.

Javier emphasized the critical role of the “Build Better More” infrastructure program, which has contributed to significant job growth, particularly in the construction sector. He called for the continued development of policies to control inflation and further enhance job quality, which remain among the nation’s most urgent concerns.