THE Philippine economy is once again among the frontrunners in the Asean region, with its strong year-on-year (yoy) growth of 6.3 percent in the second quarter of 2024, Finance Secretary Ralph G. Recto said Thursday.
THE Philippine economy is once again among the frontrunners in the Asean region, with its strong year-on-year growth of 6.3 percent in the second quarter of 2024, Finance Secretary Ralph G. Recto said Thursday.
The Philippines’s second quarter growth beat Malaysia , Indonesia , and China . Other countries in the region are expected to release their second-quarter growth this month. Spending on public infrastructure projects grew 21.8 percent due to the expedited roll-out of the Build Better More program, especially with the implementation of the Public-Private Partnership Code.
However, the agriculture, forestry, and fishing sector experienced a yoy contraction of 2.3 percent due to the impact of the El Niño phenomenon. More than half of the 2025 national budget, or about 62.5 percent, will be allocated for both social and economic services, such as infrastructure, health, education, human capital development, social welfare, employment, housing, and other social protection programs.
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