MANILA — National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan announced that the Philippines' gross domestic product (GDP) per capita has increased by more than 10 percent over pre-pandemic figures, driven by robust government initiatives to stimulate economic growth.
According to Philippines News Agency, during a budget briefing with the House Appropriations Committee on Monday, the country's GDP per capita growth reached 4.8 percent in the first quarter of 2024, surpassing the pre-pandemic level significantly. In 2019, the Philippines' GDP per capita was USD 3,413.8, which dropped to USD 3,224.4 in 2020 due to the pandemic. The current figure now stands at over USD 3,700.
The NEDA chief highlighted that strategic government policies have not only boosted GDP but also attracted investments creating quality jobs, resulting in a record-low underemployment rate of 9.9 percent in May 2024, the lowest since 2005. Additionally, the poverty rate has decreased to 15.5 percent in 2023 from 18.1 percent in 2021, lifting approximately 2.45 million Filipinos out of poverty.
In his address, Secretary Balisacan detailed future growth strategies under the Philippine Development Plan (PDP) 2023-2028 and lessons from the Philippine Development Report 2023. Finance Secretary Ralph Recto and Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona also provided updates on fiscal achievements and inflation management, respectively, with a focus on sustaining economic stability and further reducing the debt-to-GDP ratio.
Budget and Management Secretary Amenah Pangandaman discussed the proposed PHP 6.352-trillion national budget for 2025, emphasizing allocations for social and economic services aimed at continuing to improve the nation's socioeconomic conditions.