Phl investor confidence seen unaffected by lower GDP targets

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.

The revised target for 2024 is at least 6% growth, which is an improvement from the 5.5% achieved in 2023.

The Development Budget Coordination Committee (DBCC) lowered the 2024 GDP growth target to a range of 6% to 7%, down from the earlier 6.5% to 7.5%.

For 2025, the growth target was adjusted to 6.5% to 7.5%, a decrease from the previous 6.5% to 8% goal.

Growth targets for 2026 to 2028 remain unchanged at 6.5% to 8.0%.

NEDA Secretary Arsenio Balisacan explained that the revised targets take into account the nation's 2023 economic performance and current external factors.

Go also highlighted the administration's initiatives to attract foreign investors, such as reducing red tape and simplifying VAT rules for economic zone locators.