Phl Unlikely to Achieve End-of-Plan GDP Target

The Philippines has a low likelihood of achieving the end-of-plan (EOP) economic growth target of 6.5 to eight percent by 2028, set under the Philippine Development Plan (PDP), according to the Philippine Statistics Authority (PSA).

- By Louella Desiderio

"The Philippine GDP (gross domestic product) slightly increased to 5.7 percent in 2024 from 5.5 percent in 2023. However, the Philippines remains slightly far from hitting its EOP target growth rate of 6.5 to eight percent," the PSA said in its 2024 Statistical Indicators on Philippine Development report.

Through StatDev, the PSA tracks the progress and likelihood of achieving the government's economic and social development goals and priorities outlined in the PDP 2023 to 2028, which serves as the country's overall development blueprint.

The Philippine economy expanded at a slightly faster pace of 5.4 percent in the first quarter than the previous quarter's 5.3 percent, but was slower than the 5.9 percent growth in the same period in 2024.

Earlier, the Department of Economy, Planning and Development said the first-quarter economic performance reflected tempered economic activity amid persistent uncertainties caused by the planned reciprocal tariffs of the United States on trade partners.