Economy expands at faster clip of 5.7%

The Philippine economy expanded at a faster pace of 5.7 percent in the first quarter from 5.5 percent in the fourth quarter of 2023, helping the country retain its position as a leading force among emerging economies in Asia.

- BLOUELLA DESIDERIO

However, the first quarter gross domestic product (GDP) growth was slower than the 6.4-percent expansion in the same quarter last year.

In a press briefing, National Economic and Development Authority Secretary Arsenio Balisacan said the performance in the first quarter retains the country's position as a leading force among Asia's emerging economies, with the GDP growth rate about the same as Vietnam's and above the growth in other major economies such as China's 5.3 percent, Indonesia's 5.1 percent and Malaysia's 3.9 percent.

"From the start of the year, we have been experiencing several shocks, the major ones being the long period of the heatwave, and related to that, the El Niño and geopolitical tensions. Our first quarter economic performance is a testament to our people's and industries' resilience," Balisacan said.

Despite the damage caused by El Niño, the agriculture sector still managed to record a 0.4-percent growth in the first quarter.