Gov't revises economic growth targets downward until 2028

The Philippine government, through the Development Budget Coordination Committee (DBCC), has revised its economic growth targets downward until 2028.

The new GDP growth targets are 5%-6% for 2026, 5.5%-6.5% for 2027, and 6%-7% for 2028.

These new targets represent a reduction from the previously set goal of 6%-8% annual GDP growth from 2026 to 2028, with the 2028 target remaining unchanged.

Economy Secretary Arsenio M. Balisacan cited global and domestic realities, including a slower-than-expected global economic recovery and the lingering effects of a flood control scandal, as reasons for the downgrade.

The economy is expected to have grown by 4.8-5% in 2025, a slowdown from 5.7% in 2024, and this will mark the fourth straight year the Philippines misses its GDP growth target.

Economic growth slowed to an over four-year low of 4% in the third quarter of 2025.

Despite the revised targets, a 5% growth for 2025 would still position the Philippines as one of Asia's fastest-growing economies.