The Philippine economy has grown more than some ASEAN countries thanks to these factors.

The Philippine economy has maintained growth of more than 6% since President Ferdinand R. Marcos Jr. took office in 2022.

In the first quarter of 2024, the Philippine economy will grow by 5.7%. (Source: HRM)

According to the Development Budget Coordination Committee, in the first quarter of 2024, the Philippine economy grew by 5.7%, outperforming Indonesia (5.1%), Malaysia (4.2%), Singapore (2.7%) and Thailand (1.5%).

The latest forecasts from the International Monetary Fund (IMF) and the Asian Development Bank (ADB) show that the Philippine economy is poised to grow at least 6% in 2024 and 2025.

The IMF forecasts that the country's economic growth will stabilize at 6% this year before rising to 6.2% in 2025.

Previously, in a latest report, ADB also noted: "The Philippines is expected to grow 6% in 2024 and 6.2% in 2025. Domestic demand, along with a recovery in merchandise exports, has driven growth to 5.7% in the first quarter of 2024."

According to ADB, merchandise exports have recovered, especially electronics products, while service exports remain strong, including tourism and business process outsourcing. Controlled inflation and expected monetary easing in the second half of 2024 will support household consumption and investment.

Meanwhile, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said that although the economy continues to grow, developing the country's infrastructure as well as diversifying growth drivers will help maintain economic growth in the long term.

“By expanding and upgrading infrastructure, we aim to facilitate the creation of high-quality jobs for millions of people, enhance the competitiveness of local industries, diversify growth drivers to enhance economic resilience, and enhance regional connectivity by linking leading industries,” he stressed.

Currently, the Marcos administration is committed to creating an enabling environment for infrastructure development as reflected in the Philippine Development Plan (PDP) 2023-2028, which outlines the country's socio-economic transformation agenda.

The PDP aims to address the challenges plaguing the country's infrastructure sector, which many observers and analysts see as significant barriers to investment opportunities.

“The Marcos administration has acted quickly and I believe we have had a strong start over the past two years. The government has enacted and implemented important policy initiatives and reforms to create a more conducive policy and regulatory environment for investment and economic growth,” said Arsenio Balisacan.

Source: https://baoquocte.vn/kinh-te-philippines-tang-truong-vuot-troi-hon-mot-so-nuoc-asean-nho-nhung-yeu-to-nay-279159.html