MANILA - The National Economic and Development Authority (NEDA) said on Friday it is confident that the Philippines can still hit its growth target this year despite the string of devastating storms that slowed down growth in previous months.

At a media briefing, NEDA Sec. Arsenio Balisacan said the country may reach the lower end of the annual gross domestic growth (GDP) target of 6 to 7 percent. The average GDP for the first three quarters so far is 5.8 percent or below the yearly target. This was after the disappointing 5.2  percent expansion in the third quarter, which saw the first wave of successive weather disturbances to hit the country this year.

For the country to achieve 6 percent growth for 2024, the economy will need to expand 6.5 percent in the fourth quarter. Some analysts have cast doubt on this citing the second wave of storms which hit the country from mid-October to November.

However, Balisacan cited the rising household spending this Christmas season, improving labor figures, as well as the easing inflation and interest rates as reasons to be confident of growth.

“We remain optimistic about the fourth-quarter economic performance. Holiday spending, more stable commodity prices, and a robust remittance inflow and labor market give us confidence that our 6 to 7 percent growth target is still achievable,” he said.

Balisacan is also optimistic for growth in 2025, but admitted there are still challenges like uncertainties in the global arena— including what policies incoming US President Donald Trump will implement. There is also a need to be weather and climate-resistant as weather disruptions affect the agriculture sector and the economy as a whole.

“We expect negative growth for the full year for agriculture. As you know, agriculture is still a very important part of the economy,” said Balisacan.

Balisacan said the administration's economic team will meet next month with the Development Budget Coordination Committee to discuss macroeconomic growth targets. Budget Secretary Amenah Pangandaman earlier said they may revise growth figures amid domestic and global developments.