Manila Bulletin
DBCC to revisit economic, fiscal targets after Q1 GDP
The Development Budget Coordination Committee (DBCC) will convene next week to reassess the country's economic and fiscal targets due to a significant economic downturn in the first quarter.
The Philippine Statistics Authority reported a 4.2 percent contraction in gross domestic product (GDP) for the first three months of the year.
This marks the fifth consecutive quarter of recession for the Philippines, the longest period since the Marcos administration.
The DBCC, chaired by the Department of Budget and Management (DBM), includes the Department of Finance (DOF) and the National Economic and Development Authority (NEDA) as its members.
Following their meeting, the committee is expected to announce revised macroeconomic assumptions and fiscal program adjustments.
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The Development Budget Coordination Committee (DBCC) has lowered the Philippines' GDP growth target for 2021 from 6.5-7.5 percent to 6-7 percent due to stricter enhanced community quarantine (ECQ) in the NCR Plus bubble and the rise of COVID-19 variants.
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President Duterte's economic managers have lowered the Philippines' 2021 economic growth target to 6-7% due to the threat of new COVID-19 variants and the recent stringent lockdown.
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The Philippine economy contracted by 4.2% in the first quarter of 2021, marking its fifth consecutive quarter of decline and the longest recession since the Marcos era.
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