Speaking at a press conference on Thursday, Jan. 30, 2025, Edillon attributed the shortfall to extreme weather events, global demand slowdown, and geopolitical tensions.
These factors, she said, have become the “new normal” and underscore the importance of economic resilience.
Key takeaways:
“The key to economic growth in the new normal is to build resilience and ensure adaptability,” Edillon said.
The agriculture, forestry, and fisheries sector suffered a 1.8-percent contraction in the fourth quarter of 2024 due to six consecutive typhoons between October and November.
Meanwhile, the industry and services sectors grew by 4.4 percent and 6.7 percent, respectively, but manufacturing was hampered by weak global demand.
To boost economic resilience, the government is focusing on infrastructure, trade, and sectoral diversification. Key initiatives include the expansion of free trade agreements, investment in agriculture and manufacturing, and strengthening the IT-BPM workforce.
Looking ahead, Edillon said the government remains committed to sustaining growth, keeping inflation low, and creating quality jobs. Infrastructure remains a priority, with 11 flagship projects set for completion in 2025.
Despite missing its target, she pointed out that the Philippines remained the third fastest-growing economy in the region, trailing Vietnam (7.5 percent) and China (5.4 percent), but outpacing Malaysia (4.8 percent).
