Economy likely grew by 6.2 percent in Q1

Assorted local products are up for sale at the Kadiwa On-Wheels na Kapitolyo in Lingayen, Pangasinan on February 13, 2024.MANILA, Philippines — The Philippine economy is expected to have posted a 6.2-percent growth in the first quarter supported by gains in the labor market and manufacturing, as well as government spending, according to First Metro Investment Corp. and the University of Asia and the Pacific .

While inflation may quicken to 4.2 percent in the second quarter, the two institutions expect it to revert back to the two to four percent target range of the Bangko Sentral ng Pilipinas by the third quarter. This brought average inflation in the January to March period to 3.3 percent, within the government’s target range.

Last year, the country’s exports of goods and services hit $103.6 billion, up by 4.8 percent from $98.8 billion in 2022, but fell short of the $126.8 billion goal for 2023 set under the Philippine Export Development Plan. Amid global trade disruptions and geopolitical tensions, the government has downgraded its economic growth target for this year to six to seven percent from the previous goal of 6.5 to 7.5 percent.

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