Under the leadership of President Ferdinand R. Marcos Jr., the Philippine economy remained one of the fastest-growing economies in Asia, according to National Economic Development Authority (NEDA) Secretary Arsenio Balisacan.

In a press briefing on Thursday, Secretary Balisacan said the Philippine economy’s growth rate of 5.2 percent follows Vietnam, which leads with Gross Domestic Product (GDP) growth of 7.4 percent and Malaysia with 5.3 percent.

The Philippines is ahead of Indonesia at 4.95 percent, China at 4.6 percent, and Singapore at 4.1 percent.

The Philippines’ GDP growth figure demonstrates consistent economic expansion, following growth rates of 5.8 percent and 6.4 percent in first and second quarters of the year, respectively.

“We follow Vietnam which posted a 7.4% growth rate, and are ahead of Indonesia (with 4.9%), China (4.6%), and Singapore (4.1%),” Sec. Balisacan said.

The Philippines Statistics Authority (PSA) attributed the expansion in the third quarter of 2024 to the stronger performance of the Industry and Services sectors, which saw year-on-year growth rates of 5.0 percent and 6.3 percent, respectively.

The services sector contributed the highest share to GDP growth at 4.1 percent, while the industry sector, affected by recent calamities, contributed 1.3 percent. The Agriculture, Forestry, and Fishing (AFF) sector recorded a decline, contributing -0.2 percent.

Key contributors to the third quarter 2024 growth included wholesale and retail trade; repair of motor vehicles and motorcycles at 5.2 percent, financial and insurance activities at 8.8 percent, and construction at 9.0 percent, according to the PSA report.

“Among the major economic sectors, Industry and Services posted year-on-year growths in the third quarter of 2024 with 5.0 percent and 6.3 percent, respectively. Meanwhile, the Agriculture, forestry, and fishing sector posted a year-on-year decline of 2.8 percent,” PSA added. | PND