Economic Growth Outlook for 2024-2028

At the 188th Development Budget Coordination Committee (DBCC) meeting, the economic growth forecasts for 2024 to 2028 were announced.

GDP Growth Assumptions (2024-2028)

Year 2024 : 6.0% - 7.0%
Year 2025 : 6.5% - 7.5%
Year 2026 to 2028 : 6.5% - 8.0%

To achieve these goals, the government has outlined various measures including "sustaining government efforts to address inflation, promoting and adopting digitalization to improve efficiency in government spending, accelerating infrastructure development, expanding skills development for our workforce, and strengthening inter-industry supply chain linkages".

Particularly, efforts to mitigate the impact of inflation are being emphasized, with the goal of keeping the inflation rate below 4% through proactive monetary policies and government intervention.
Additionally, infrastructure investments are planned to be maintained at 5.0% to 6.0% of GDP, which is expected to generate multiplier effects on the economy, reduce business costs, and support the creation of high-quality jobs.

Through these measures, the aim is to sustain high economic growth in the Philippines, achieve upper-middle-income status within two years, and reduce the poverty rate to a single-digit levels by 2028.

In the first quarter of 2024, the growth rate was 5.7%, placing it among the top performers compared to the ASEAN-6 countries (Indonesia 5.1%, Malaysia 4.2%, Singapore 4.2%, Thailand 1.5%).

With the continued promotion of infrastructure development and sustained high economic growth in the Philippines, investors can expect further expansion of the real estate market and increased capital appreciation.