The International Monetary Fund (IMF) on Monday said the Philippines is one of the resilient economies in the region, with growth mostly supported by domestic demand.

"India and the Philippines have been the source of repeated positive growth surprises, supported by resilient domestic demand," the IMF said in its April 2024 Regional Economic Outlook for Asia and Pacific report.

The IMF expects the Philippine economy to grow by 6.2 percent for both 2024 and 2025.

"The Philippines is one country which has done very well in terms of...the growth is being resilient (and) inflation is coming down," IMF director of the Asia and Pacific department Krishna Srinivasan said in a virtual briefing on Tuesday.

IMF's latest forecast for the year, settles within the government's 6.0 to 7.0 percent growth target.

Last year, the economy grew by 5.6 percent, outpacing major economies in Asia, such as China (5.2 percent), Vietnam (5.0 percent), and Malaysia (3.8 percent).

In a report following its 2023 Article IV consultation with the Philippines, the IMF Executive Board also said “real gross domestic product (GDP) growth is expected to bounce back in the second half of 2023 and reach 6.0 percent in 2024, supported by acceleration in public investment and improved external demand for the Philippines’ exports.”