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Philippines tempers GDP targets
The Development Budget Coordination Committee (DBCC) revised downward the 2024 economic growth target to a range of 6.0 percent to 7.0 percent from 6.5 percent to 7.5 percent, citing the continued slowdown in the global economy, El Nino, and high interest rates.
The GDP growth target range for 2025 was narrowed to 6.5-7.5 percent from 6.5-8 percent.
The growth projection of 6.5 to 8 percent for 2026 to 2028 was retained, and the inflation targets remain at 2.0 percent to 4.0 percent for 2024 until 2028.
The peso-dollar growth rate assumption was narrowed to P55 to P57 against the dollar in 2024.
The statistics agency also lowered last year's GDP growth to 5.5 percent from 5.6 percent, which was below the government's 6-7% target and slower than the 7.1% growth in 2022.
Despite the revisions, the Philippines is expected to remain among the fastest-growing economies in the region.
President Ferdinand R. Marcos Jr. approved the latest GDP outlook.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippine Statistics Authority (PSA) revised the country's 2023 gross domestic product (GDP) growth rate downwards to 5.5% from a previous estimate of 5.6%.
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Presidential Adviser for Investment and Economic Affairs Frederick Go stated that the Philippines' decision to lower its GDP growth targets will not affect investor confidence.
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The Asian Development Bank (ADB) has reduced the Philippines' 2024 economic growth forecast to 6 percent from the previously projected 6.2 percent due to persistent inflation risks, but expects growth to accelerate to 6.2 percent in 2025.
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The World Bank maintained its 5.8 percent economic growth forecast for the Philippines in 2024, projecting it to be the second fastest-growing economy in the East Asia and Pacific region.
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The Philippines is projected to achieve a growth rate of 6.3 percent in 2024, positioning it among the highest in the ASEAN+3 region, according to the ASEAN+3 Macroeconomic Research Office (AMRO).
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