Watch the highlights of AMRO’s 2024 Annual Consultation Report on the Philippines.
In the first three quarters of 2024, the Philippine economy grew steadily at 5.8 percent, bolstered by a recovery in public consumption and construction investment, as well as export recovery. The strong labor market helped boost domestic consumption, despite the elevated underemployment rate. Inflation continued its declining trend from 2023, mainly driven by lower global commodity prices, the government’s inflation-containing measures, and tight monetary policy.