MANILA - The Philippines’ economic growth in the fourth quarter of 2024 is expected to be stronger than last year’s.

This was the projection of Go Negosyo Founder and Private Sector Lead for Jobs Joey Concepcion who said that the Christmas spending of Filipinos is driving the growth.

“Normally the fourth quarter is the strongest quarter sa every year dahil sa Christmas. So ‘yung Christmas spending talagang importante ‘yan at marami na talagang nagbibigay ng mga regalo sa relatives at kaibigan nila. So that has started already,” Concepcion said on Bagong Pilipinas Ngayon.

“So we see this year even stronger than last year. So medyo talagang mukhang maganda itong Christmas, may mga pera ang tao na talagang they’re spending to give gifts, 'di katulad nung pandemya talagang matumal ang negosyo. Pero now you can see very strong consumer spending,” he added.

According to Concepcion, Overseas Filipino Workers (OFWs) are one of the biggest consumers during this season.

“When people see more confidence in the economy and especially in the leadership, especially under President Marcos, they see that he is definitely a good leader, helping MSMEs, then they will want to invest in the Philippines,” Concepcion said

The Philippines' gross domestic product grew 5.2 percent in the third quarter. This was lower than the revised 6.4 percent growth posted in the second quarter and the 5.8 percent clip seen in the first quarter. This brought the average growth rate for the first three quarters of the year to 5.8 percent.

Economic managers blamed the lackluster growth in the third quarter on the successive storms that hit the country and caused extensive damage to the country's agricultural production, tourism and infrastructure, among others.

For the country to meet the lower end of its target growth rate of 6 to 7 percent for 2024, the economy needs to grow 6.5 percent in the fourth quarter.