Duterte's Economic Managers Raise 2021 GDP Growth Target to 5%-5.5%

Duterte's economic managers have raised their GDP growth target for 2021 from 4-5% to 5-5.5%, citing continued easing of lockdowns and uptick in business activity.

The DBCC expressed optimism that the country’s GDP would return to its pre-pandemic level by 2022, with medium-term growth targets kept at 7-9% for 2022, and 6-7% for 2023 and 2024.

Finance Secretary Carlos Dominguez III said year-to-date growth in September was 4.9%, increasing the likelihood that full-year GDP growth will hit the revised target of 5 to 5.5%.

The DBCC also adjusted macroeconomic targets for this year, including inflation at 2-4% and Dubai crude oil price at USD68-70 per barrel.

Revenue projections are expected to reach PHP3.027 trillion due to increased economic activity and improved services of revenue agencies arising from their digitization projects.