Reported 2 months ago
The Philippines experienced a GDP growth of 6.3% in Q2 2024, hinting at potential for even stronger expansion if borrowing costs decreased to boost consumer spending. However, high inflation and interest rates have limited the growth's impact on Filipinos. Secretary Arsenio Balisacan noted that previous GDP growth could have been higher without these costs. Consumption is a major contributor to GDP but showed slower growth, prompting discussions on the central bank possibly lowering interest rates to foster better economic conditions. The peso and stocks reflected optimism following the growth report.
Source: YAHOO