Philippines unlikely to hit 2024 growth target after typhoons disruption, NEDA chief says

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Trees and a building are damaged in the aftermath of Super Typhoon Man-Yi, in Catanduanes province, Philippines November 17, 2024. (Philippine Red Cross/Handout via Reuters)

MANILA — The Philippines may have likely missed its growth target last year due to economic disruption from a spate of typhoons in the last three months of 2024, its economic planning minister said on Friday.

Arsenio Balisacan said the country may have difficulty hitting even the low end of its 6% to 6.5% gross domestic product goal.

Balisacan said farm output last month may have contracted by at least 2% in 2024 due to losses from adverse weather during the year, but inflation is expected to remain within the 2% to 4% target this year.

GDP growth slowed to 5.2% in the third quarter, its weakest in more than a year, as typhoons disrupted government spending and dampened farm output during the period. Growth in the first nine months of 2024 was 5.8%.

The Philippine statistics agency will release growth figures on Jan. 30.

—Reporting by Mikhail Flores; Editing by Martin Petty