Economic ministers consider revising 2025 growth target

Philippine economic ministers are considering revising the country's 2025 growth target range of 6.0% to 8.0%, following slower-than-expected figures in recent years.

Budget Secretary Amenah Pangandaman, who chairs the Development Budget Coordination Committee (DBCC), stated that the committee will reassess targets during its March meeting, taking into account various economic factors and global uncertainties.

The Philippines achieved a 5.6% growth rate in 2024, below the revised target range of 6.0% to 6.5%, marking two consecutive years missing growth objectives.

Inflation stood at 3.2% for the full year of 2024, within the government's targeted range of 2.0% to 4.0%. Employment data for December showed a decrease in unemployment from November.

The Monetary Board will meet on February 13, 2025, to discuss potential policy rate adjustments, with Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. indicating a possible rate cut.