Businessmen expressed optimism the economy will further grow this year after official data for full-year 2024 showed growth in gross domestic product (GDP) hit 5.6 percent.
Although the much awaited growth figure fell short of the government target of 6-6.5 percent, businessmen found enough reason to remain upbeat.
“Last year’s growth is something to celebrate,” Sergio Ortiz-Luis Jr., president of the Employers Confederation of the Philippines (ECOP), said.
Ortiz-Luis said the agriculture, forestry, and fishing sector needs to catch up since it provides the most number of jobs. The sector posted a year-on-year decline of 1.8 percent in the fourth quarter, compared with 1.3 percent growth in the same quarter of 2023.
In a statement, Rafael Ongpin, president of the Makati Business Club, said the group “remains optimistic that economic growth for 2025 will substantially improve.”
He added, however, further growth is dependent on the passage of key reforms, as well as increased initiatives to join free trade agreements.
Ongpin echoed the sentiment of Undersecretary Rosemarie Edillon of the National Economic Development Authority, who said reforms such as the amendments to the Right-of-Way Act and the E-Governance Act are important legislations that should be passed within the year.
Robert Dan Roces, economist at SM Investments Corp., said the growth figures in 2024 indicated a resilient economy, driven by strong domestic demand, recovery in key sectors, and government stimulus measures.
“However, the slight deceleration suggests some moderation in growth momentum due to external headwinds and a weak peso. If inflation is under control and growth is expected to stabilize, authorities will prioritize supporting growth further,” Roces said.