Philippines expects stronger economic growth in Q4 2024 despite cyclone impacts

The Philippines is expected to see faster economic growth in the fourth quarter of 2024 compared to the third quarter, according to NEDA Secretary Arsenio Balisacan. This optimism comes despite recent cyclones affecting the country. Balisacan noted that factors such as holiday spending, stable commodity prices, and strong remittances will contribute to this growth. The economy grew by 5.8% in the first three quarters, slightly below the government's target. However, the agriculture sector may face challenges due to the cyclones. Despite this, Balisacan believes that positive economic indicators, including declining inflation and a strong labor market, will support overall growth.