The National Economic and Development Authority (NEDA) is optimistic that despite risks, the growth of the Philippines will continue to be one of the fastest in the region this year.

"Let's put it this way, all the major development observers are seeing a 6 percent at least for the Philippines this year. The IMF (International Monetary Fund), the ADB (Asian Development Bank), and the World Bank are seeing quite a good number," NEDA  Secretary Arsenio Balisacan said on the sidelines of the 2024 National Innovation Day Celebration in Quezon City on Monday.

The IMF projects the Philippine economy to grow by 6.2 percent this year, while the ADB forecasts economic growth to settle at 6 percent.

The World Bank, meanwhile, expects the Philippine economy to grow by 5.9 percent in 2024.

"In the latest ADB report, in Southeast Asia they put us as the highest performer in 2024. So even though not as high as we targeted in the beginning of the administration, the fact that while everybody was downgraded, or we were downgraded in terms of the absolute level of the growth... still we are expected to perform among the best in Asia," Balisacan said.

For this year, the government targets a 6 to 7 percent economic growth.

Balisacan said the latest government target is already factored in the scenario of a higher-for-longer interest rate.

"When we looked at the 6-7 percent [target], that's more or less already given because we know that the interest rates have quite at most five quarters of impact down the road so that's already given that the interest rates... the result of the policy actions last year are expected to be felt this year," he said.