MANILA, Jan. 30 (Xinhua) -- The Philippines' gross domestic product (GDP) expanded by 5.6 percent in 2024, below the government's target range of 6 percent to 6.5 percent, the Philippine Statistics Authority (PSA) said Thursday.
"While (the GDP growth) falls short of our target of 6 to 6.5 percent, we are positioned as the third-fastest growing economy in the region," National Economic and Development Authority Undersecretary Rosemarie Edillon told a press conference Thursday.
She said the Philippines faced numerous setbacks in 2024 including extreme weather events, geopolitical tensions, and subdued global demand, similar to the challenges in 2023.
Edillon noted that the agriculture sector, in particular, suffered greatly between late October and mid-November last year, when six typhoons struck the country in succession.
Looking ahead to 2025, Edillon highlighted the need to build better economic resilience with diversified sources of growth and price stability.
"We will ensure a stable food supply and prevent unwarranted price increases through strategic trade policies, timely release and distribution of production and post-production support, and proactive measures against hoarding," she added. ■
