Staying the course amidst headwinds
The Philippines faces a daunting economic landscape in 2024, with higher-for-longer US interest rates, stubbornly high inflation, and the risk of spiking oil prices due to geopolitical turmoil. These challenges threaten to undermine the country’s growth trajectory, which international observers still project to be among the fastest in Asia this year. Socioeconomic Planning Secretary Arsenio M. Balisacan says that despite these concerns, international observers remain optimistic about the country’s economic performance. (Read the BusinessMirror report: “Government keeping growth goals despite risks,” April 24, 2024).