The Philippine economy is forecast to continue being one of the fastest growing in the region, with growth anticipated to remain above 6% in 2024 and 2025.  
 
In his economic and market outlook published this week, BPI (Bank of the Philippine Islands) Senior Vice President and Lead Economist Emilio Neri Jr. stated that economic growth is expected to reach 6.1% this year, with further acceleration to 6.3% in 2025. 
 
“The Philippine economy has been resilient despite significant headwinds like severe El Niño and devastating typhoons, still managing to grow by 6% in the first half of 2024,” Neri said. 
 
“Looking ahead, the Philippine economy will likely continue to outperform in the region, supported by its strong consumer base,” he went on to add. 
 
He anticipates that headline inflation will decrease to 3.2% in 2024 and further slow to 2.8% in 2025. 
 
“Inflation is expected to be more manageable in the coming year given the improving prospects of food supply. With El Niño now behind us and the potential increase in production, along with tariff reductions, rice may become more affordable,” he said.
 
In addition, Neri noted that lower inflation could enhance consumption in the upcoming year, while election-related spending may also provide a boost to economic activity.  
 
In a separate report, the International Monetary Fund projected that the Philippine economy could grow by over 6% by 2029, positioning the country as one of the fastest-growing economies in emerging and developing Asia.
 
Indeed, in its World Economic Outlook update for October 2024, the IMF forecasts Philippine economic growth to reach 6.3% by 2029.  
 
This projected expansion ranks third highest in the region, following Bhutan's forecast of 7.2% and Bangladesh and India's at 6.5%.  
 
For 2024 and 2025, the Philippine economic growth projections remain at 5.8% and 6.1%, respectively.