The latest gross domestic product (GDP) growth rate reflects the continued commitment of the Marcos administration to propel the country’s economic expansion this year, Department of Trade and Industry (DTI) Secretary Alfredo Pascual said Friday.
“Despite several challenges in the first quarter of 2024, our economic performance underscores our enduring resilience both domestically and internationally,” Pascual said following the Philippine Statistics Authority’s release of the latest GDP report for the first quarter of 2024.
The GDP registered a year-on-year growth of 5.7 percent in the first quarter, with notable contributions from the financial and insurance, wholesale and retail trade and manufacturing sectors.
The services sector reported 6.9-percent growth, while industry and agriculture, forestry and fishing grew 5.1 percent and 0.4 percent, respectively.
“These data signal the Philippine economy’s positive trajectory towards achieving a growth rate of 6.0 percent to 7.0 percent 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 said.
He said the DTI is strategically contributing to the 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, he said.
Pascual said 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.
He said the agency would 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.
“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,” he said.
