Manila: The Philippine Statistics Authority (PSA) revised upward on Thursday the fourth quarter 2024 gross domestic product (GDP) growth to 5.3 percent from 5.2 percent. In a report, the PSA said the full-year 2024 GDP growth rate was also revised to 5.7 percent from 5.6 percent.

According to Philippines News Agency, the PSA revises the GDP estimates based on an approved revision policy, which aligns with international standard practices on national accounts revisions. The first quarter of 2025 Philippine economic growth data is scheduled to be released on May 8.

The Development Budget Coordination Committee (DBCC) has set a 6 percent to 8 percent economic growth target for 2025 and 2026. To achieve these targets, the DBCC earlier said the government remains committed to implementing reforms outlined in the Philippine Development Plan (PDP) 2023-2028. These include accelerating infrastructure investments, enhancing the ease of doing business, and boosting national competitiveness.