MAKATI CITY, PHILIPPINES — “The latest gross domestic product (GDP) growth rate reflects the continued commitment of the Marcos Jr. administration to propel the country’s economic expansion. Despite several challenges in the first quarter of 2024, our economic performance underscores our enduring resilience both domestically and internationally,” Department of Trade and Industry (DTI) Secretary Fred Pascual expressed following the Philippine Statistics Authority’s release of the latest GDP report for the first quarter of 2024.

The country’s GDP registered a year-on-year growth of 5.7%, with notable contributions from the financial and insurance, wholesale and retail trade, and manufacturing sectors. In terms of sectoral growth, the services sector reported 6.9% growth, while industry and agriculture, forestry, and fishing posted 5.1% and 0.4%, respectively.

“These data signal the Philippine economy’s positive trajectory towards achieving a growth rate of 6.0% to 7.0% this year. The DTI is one of the major contributors to this growth, implementing key programs and actions to foster a robust business environment and fuel economic development,” the trade chief added.

The Department is strategically contributing to the Philippines’ economic expansion by focusing on selected key areas. The upgrading, upskilling, and upsizing of micro, small, and medium enterprises are geared to boost their competitiveness and productivity.  

The DTI is also at the forefront of enhancing manufacturing capabilities by facilitating technology adoption in line with Industry 4.0, encompassing smart manufacturing initiatives, skills development, and fostering industry innovation to improve production efficiency and global competitiveness.

Further, the DTI will continue attracting foreign and domestic investments, actively promoting the Philippines as a desirable investment destination. This specifically aims to generate jobs, increase exports, and maintain a positive trade balance by streamlining processes and providing incentives to businesses.

With a significant growth of 4.8% in merchandise exports in the first quarter of 2024 compared to the same period last year, this upward trend is set to boost the country’s export performance in the areas of electronics, mainly semiconductors and electronic data processing, copper concentrates, coconut oil, fresh bananas, and chemicals.

Citing confidence in the leadership of President Marcos Jr. in steering the country’s economic landscape, Secretary Pascual added, “Through a whole-of-government approach, we will continue to work in attracting investments, promoting local enterprises, generating high-quality and better-paying jobs, and ensuring the accessibility and affordability of basic necessities and prime commodities for Filipinos.” ♦

Date of release: 10 May 2024

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