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Pangandaman says gov’t could adjust growth target if necessary
Philippine economic managers are considering revising the 2025 growth targets in their March meeting due to the slower-than-expected 5.6% growth in 2024.
Budget Secretary Amenah Pangandaman stated that the Development Budget Coordination Committee (DBCC) will assess various factors, including global uncertainties and upcoming policy meetings, before deciding on any adjustments.
The government's target for 2025 is a GDP growth of 6% to 8%, though Finance Secretary Ralph Recto suggested that 6% to 6.5% growth is achievable for the year.
The DBCC is likely to retain the lower band of the 6% growth target for 2025, citing reasons such as election spending and a stable agricultural sector.
Latest employment data from November 2024 showed 1.66 million jobless individuals, a decrease from the previous month.
Inflation for December 2024 was 2.9%, bringing the full-year inflation to 3.2%, which remained within the government's target range.
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The Philippine economy grew by 5.6% in 2024, falling short of the revised government target range of 6.0% to 6.5%.
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