Economic managers are lowering their growth goals for the Philippines in 2024.
Socioeconomic Planning Secretary Arsenio Balisacan said Thursday that they were lowering the target gross domestic product growth rate to 6-7 percent from 6.5-7.5 percent.
Balisacan said the Development Budget Coordination Committee (DBCC) also narrowed the 2025 growth target to 6.5 to 7.5 percent from 6.5 to 8 percent.
They kept the 6.5 to 8 percent growth target for 2026.
Balisacan said these reflected their expectations given external factors such as global demand and trade growth, oil price movements, expected exchange rate and inflation trends.
"Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country's position as one of the fastest growing economies in the Asia Pacific region," he said.
"Moreover at this pace of growth, we're still on track to achieving or to reducing poverty incidence from 18 percent in 2021 to single-digit level in 2028," he added.
The Philippine economy grew 5.6 percent in 2023, below government's target of 6 to 7 percent.
The DBCC, meanwhile, kept inflation targets at 2 to 4 percent from 2024 to 2028.
It also narrowed its peso-dollar growth rate assumptions to P55 to P57 against the dollar in 2024, and from P55 to P58 for 2025 until 2028.
Source:Abs
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
