00:00Despite the calamities and outbursts, the economy of the Philippines is still doing well,
00:10not only in the last part of the year, but in the whole of 2024.
00:15In fact, the Philippines is still one of the top fastest-growing economies in Asia.
00:21Christian Bascones is in the center of the news.
00:26The economy of the country became stable at the end of 2024,
00:31according to the data released by the Philippine Statistics Authority.
00:34Although it was low compared to the fourth quarter gross domestic product or GDP of 2023,
00:40which was 5.5%,
00:43the GDP of 2024 was still stable in the third and fourth quarter,
00:47which was also 5.2%.
00:50In the whole year, the country had a GDP growth rate of 5.6%.
00:55The wholesale and retail trade, motor vehicles and motorcycles repair, which was 5.5%,
01:068.5% came from financial and insurance aspects,
01:10and 7.8% came from construction and infrastructure.
01:15In the third quarter of last year,
01:17the country's GDP growth rate in the education sector increased from 2.6% to 4.1%.
01:26From 2.8%, it increased to 3% for manufacturing,
01:31while 9.1% from 8.8% for financial and insurance activities.
01:39The country's gross national income or GNI remained at 6.8% in the third quarter of 2024
01:46due to many difficulties that the country experienced in 2024,
01:50such as calamities, which is why the country's economy is struggling.
01:55According to Policy and Planning Undersecretary of the National Economic and Development Authority,
02:01Rosemary G. Erilon,
02:03the government is focused on fighting the economy this year
02:07through stronger policies and exports.
02:11Just to clarify, it didn't go down, right?
02:15Because the growth wasn't negative, it was still positive,
02:18okay?
02:19That's why there was moderation.
02:21Meanwhile, the economy of the Philippines is still strong compared to other countries throughout Asia.
02:29Kristan Basconesa for Pampansang TV in the new Philippines.
