BSP chief: GDP grew at faster pace in Q4

Philippine economic growth picked up further in the final quarter of last year despite the aggressive rate hikes delivered by the central bank, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said.

- LAWRENCE AGCAOILI

He said the country’s gross domestic product (GDP) growth accelerated in the fourth quarter after expanding by 5.9 percent in the third quarter from 4.3 percent in the second quarter.

“I think it’s going to be better than Q3 because Q2 was an aberration in terms of growth,” Remolona told reporters on the sidelines of the 2024 Annual Reception for the Banking Community Friday evening.

The BSP chief was referring to the slowdown in GDP growth to 4.3 percent in the second quarter of last year, from 6.4 percent in the first quarter, amid slow government spending.

Economic managers via the Cabinet-level Development Budget Coordination Committee (DBCC) has maintained the GDP growth target at six to seven percent for 2023 but narrowed the range for 2024 to 6.5 to 7.5 percent from 6.5 to eight percent.

The economy needs to grow by at least 7.2 percent during the October to December period to meet at least the lower end of the six to seven percent target range for 2023.