(Manila, 9th) The Philippine Presidential Palace stated that the government led by President Marcos is doubling its efforts to maintain the strong growth momentum of the Philippine economy and to ensure a more inclusive and sustainable economic transformation.
Claire Castro, the Undersecretary of the Presidential Communications Office and the Presidential Palace spokesperson, said at a press conference at the presidential palace on Friday that the Philippine economy's growth performance in the first quarter of 2025 has surpassed that of the same period last year, which excites both the president and the government.
She said: "The president is very pleased, especially the entire government team, to see that the efforts across various departments to promote economic development are beginning to yield tangible results. We will continue to enhance operational efficiency and pay more attention to the needs of the people."
The Philippine Statistics Authority (PSA) released data on Thursday showing that in the first quarter of this year, the Philippines' Gross Domestic Product (GDP) grew by 5.4%, higher than the 5.3% of the fourth quarter of 2024.
Economic Planning and Development Minister Barry Sakhan noted that this growth rate has surpassed most major economies in the Asia-Pacific region, highlighting the resilience of the Philippine economic foundation.
Budget Secretary Pangandaman emphasized that although the 5.4% growth rate remains at the lower end of the annual target range of 6% to 8%, the growth in all major economic sectors is "commendable and the outlook is optimistic."
She said: "This not only indicates that we've achieved growth but also shows that we are advancing towards the goal of an inclusive and sustainable economic transformation."
Pangandaman pointed out that the national budget also plays a crucial role in driving economic growth, especially as the global economic outlook faces challenges due to changes in U.S. trade policies, China's economic slowdown, escalating geopolitical tensions, and commodity price fluctuations.
She expects that with enhanced domestic demand and continued public investment, the Philippine economy will accelerate further for the year, expressing optimism in achieving the annual growth target of 6% to 8%.
"Despite global uncertainties, improved private consumption and government infrastructure spending will serve as buffers against external shocks."
She added, based on the government's year-on-year capital expenditure growth of 8.2%, that public infrastructure projects have made significant progress, contributing to maintaining a high-growth trajectory.
The report from the statistics bureau also shows that primary economic sectors such as agriculture, forestry, and fisheries, industry, and services all experienced growth in the first quarter of 2025, with growth rates of 2.2%, 4.5%, and 6.3%, respectively.
From the demand side, the slowdown in inflation has helped boost household final consumption expenditure growth to 5.3%, accelerating from 4.7% in 2024.
Government final consumption expenditure also grew significantly by 18.7%, indicating that many public projects were expedited in anticipation of the upcoming election ban.
Fixed capital formation rose from 0.8% year-on-year to 4%, exports grew by 6.2%, and imports grew by 9.9%.
Claire Castro, the Undersecretary of the Presidential Communications Office and the Presidential Palace spokesperson, said at a press conference at the presidential palace on Friday that the Philippine economy's growth performance in the first quarter of 2025 has surpassed that of the same period last year, which excites both the president and the government.
She said: "The president is very pleased, especially the entire government team, to see that the efforts across various departments to promote economic development are beginning to yield tangible results. We will continue to enhance operational efficiency and pay more attention to the needs of the people."
The Philippine Statistics Authority (PSA) released data on Thursday showing that in the first quarter of this year, the Philippines' Gross Domestic Product (GDP) grew by 5.4%, higher than the 5.3% of the fourth quarter of 2024.
Economic Planning and Development Minister Barry Sakhan noted that this growth rate has surpassed most major economies in the Asia-Pacific region, highlighting the resilience of the Philippine economic foundation.
Budget Secretary Pangandaman emphasized that although the 5.4% growth rate remains at the lower end of the annual target range of 6% to 8%, the growth in all major economic sectors is "commendable and the outlook is optimistic."
She said: "This not only indicates that we've achieved growth but also shows that we are advancing towards the goal of an inclusive and sustainable economic transformation."
Pangandaman pointed out that the national budget also plays a crucial role in driving economic growth, especially as the global economic outlook faces challenges due to changes in U.S. trade policies, China's economic slowdown, escalating geopolitical tensions, and commodity price fluctuations.
She expects that with enhanced domestic demand and continued public investment, the Philippine economy will accelerate further for the year, expressing optimism in achieving the annual growth target of 6% to 8%.
"Despite global uncertainties, improved private consumption and government infrastructure spending will serve as buffers against external shocks."
She added, based on the government's year-on-year capital expenditure growth of 8.2%, that public infrastructure projects have made significant progress, contributing to maintaining a high-growth trajectory.
The report from the statistics bureau also shows that primary economic sectors such as agriculture, forestry, and fisheries, industry, and services all experienced growth in the first quarter of 2025, with growth rates of 2.2%, 4.5%, and 6.3%, respectively.
From the demand side, the slowdown in inflation has helped boost household final consumption expenditure growth to 5.3%, accelerating from 4.7% in 2024.
Government final consumption expenditure also grew significantly by 18.7%, indicating that many public projects were expedited in anticipation of the upcoming election ban.
Fixed capital formation rose from 0.8% year-on-year to 4%, exports grew by 6.2%, and imports grew by 9.9%.