President Ferdinand Marcos Jr.’s administration had aimed for a GDP growth target of 6% to 6.5% in 2024. However, for the second consecutive year, the Philippines fell short after also missing its target in 2023.

The Philippine economy expanded a lower than expected 5.2% in the fourth quarter from a year earlier, official data showed on Thursday, weighed down by weaker consumption and weather disruption that squeezed farm output.