The International Monetary Fund (IMF) highlighted the Philippines as one of the resilient economies in the region, driven largely by robust domestic demand. According to the IMF's April 2024 Regional Economic Outlook for Asia and Pacific, the Philippines, alongside India, has consistently outperformed growth expectations. The IMF projects the Philippine economy to expand by 6.2% in both 2024 and 2025, aligning with the government's target of 6.0 to 7.0 percent growth. Last year, the Philippines' growth of 5.6% surpassed that of the major Asian economies of China, Vietnam, and Malaysia. Finance Secretary Ralph Recto anticipates first-quarter growth for 2024 to be between 5.8% and 6.3%, considering it a strong performance given the high base from the previous year's first-quarter growth of 6.4%.