Philippines likely to miss 2025 GDP growth target

Economic planners now consider it unlikely that the Philippines will meet its 2025 Gross Domestic Product (GDP) growth target of 5.5 to 6.5 percent.

The average GDP for the first three quarters was 5 percent, making it difficult to reach even the lower end of the target, marking the third consecutive year for this occurrence.

Factors contributing to the economic slowdown include natural disasters, reduced government spending due to a corruption issue involving flood control projects, and an unexpected slowdown in consumption to 4.1 percent.

Despite these challenges, President Ferdinand R. Marcos, Jr. and his economic team are committed to accelerating spending in the fourth quarter and are relying on stronger holiday consumption to help achieve the growth goals.

Palace Press Officer Clarissa A. Castro stated that the President and the public will work together to achieve the economic targets.