The Philippine economy is expected to accelerate in 2024, buoyed by easing inflation and potential interest rate cuts, according to BPI economist Emilio Neri Jr. Despite the challenging environment, the country’s GDP grew 5.6% in 2023, showcasing resilience. Neri predicts inflation will slow in the coming months, but could rebound in the second quarter. The Bangko Sentral ng Pilipinas (BSP) forecasts January 2024 inflation between 2.8% and 3.6%. Neri anticipates a 6.3% GDP growth for 2024, underpinned by reduced interest rates in the latter half, enhancing consumer and investment spending. The economy’s growth was supported by a rebound in consumer spending, up 5.3% in Q4 2023, driven by lower inflation and improved purchasing power. High interest rates previously curbed consumption and investment, but the outlook is now more positive.