FINANCE Secretary Ralph G. Recto has underscored that the Philippine economy is once again a frontrunner in the ASEAN region posting the highest growth of 5.7% in the first quarter of 2024 despite the onslaught of El Niño, with the industry sector being the brightest spot driven by strong domestic manufacturing.
The Philippines grew the fastest alongside Vietnam (5.7%) followed by Indonesia (5.1%), Malaysia (3.9%), and Singapore (2.7%).
“More than our performance in the region, what is to be celebrated here is the encouraging growth seen in the manufacturing sector as it is the most crucial sector for long-term employment, productivity, value-added generation, and innovation. This sets the course for the Philippines to become a premier manufacturing hub in Asia,” Finance Secretary Ralph G. Recto said.
The country’s economic expansion in the first quarter of the year was broad-based as all major production sectors registered positive growth, with the industry sector accelerating by 5.1%.
Manufacturing, the main component of the industry sector, expanded by 4.5% on the back of increased production of food, electronics, and chemical products.
