FINANCE Secretary Benjamin Diokno said that the Philippine economic growth is expected to expand further for the year 2024.

This is due to private consumption as well as the continued implementation of structural reforms.

"While multilateral organizations project a slower global outlook for 2024 at 2.9 percent, the Philippine economy is expected to improve, reinforcing its status as one of the fastest-growing economies in the region," Diokno said.

Meanwhile, the Philippine economy grew by 5.9 percent in the third quarter of 2023.

This brought the year-to-date growth to 5.5 percent.

He also said that for the full year of 2023, the DOF is expecting the growth to settle close to the low end of the government's 6 to 7-percent target.

Diokno said that for 2024, they expect a growth rate of 6.5 percent to 7.5 percent.

"Amid the ongoing strong El Niño and geopolitical and trade tensions, the country’s growth is expected to be driven by strong private consumption, supported by the expected return of inflation within the target range, falling oil prices, robust public spending, greater investments lured by the country’s sound macroeconomic fundamentals, investment-grade credit rating, and the implementation of structural reforms, and increased demand for Philippine exports as supply chain bottlenecks ease," he said.

The finance official also said that the economic prospects is expected to be better aligned with the policies between fiscal and monetary authorities, measures to bring down inflation, and greater coordination of all public sectors to implement programs.