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Philippines Economy Grows 5.6%, Central Bank Cuts Rates

1/30/2025

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Summary

Story summary

The Philippine economy grew by 5.2% in Q4 2024, consistent with Q3 but below last year's 5.5%.
Full-year growth was 5.6%, missing the government's target of 6.0%-6.5%.
Agriculture faced a 1.6% contraction due to severe weather and geopolitical tensions.
To boost growth, the central bank reduced interest rates by 75 basis points.
The Philippines ranks as Asia's third fastest-growing economy, following Vietnam and China.

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Story summary

The Philippine economy grew by 5.2% in Q4 2024, consistent with Q3 but below last year's 5.5%.
Full-year growth was 5.6%, missing the government's target of 6.0%-6.5%.
Agriculture faced a 1.6% contraction due to severe weather and geopolitical tensions.
To boost growth, the central bank reduced interest rates by 75 basis points.
The Philippines ranks as Asia's third fastest-growing economy, following Vietnam and China.