By ANNA FELICIA BAJO, GMA Integrated News
Published April 4, 2024 10:35am
Updated April 4, 2024 11:14am
National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said Thursday that the Development Budget Coordination Committee (DBCC) has revised the growth target for 2024 to the 6% to 7% range, down from the previous target of 6.5% to 7.5%.
Balisacan made the announcement during a Palace press briefing a day after the 16th full Cabinet meeting with President Ferdinand “Bongbong” Marcos Jr.
The DBCC, an interagency body composed of the chiefs of budget and management, finance, and socioeconomic planning, is tasked to review and approve macroeconomic targets, revenue projects, borrowing levels, and budget and expenditure ceilings.
Earlier, Finance Secretary Ralph Recto said the Marcos administration’s economic managers were likely to trim their economic growth targets for this year all the way to 2028.
“I think we should come out with something more realistic [with regard to the targets] not only this year but for the medium-term until 2028,” Recto told reporters last month.
In its December 2023 meeting, the DBCC also revised the 2024 GDP target to 6.5% to 7.5% from the previous 6.5% to 8%.
However, the 6.5% to 8% target range was retained for 2025 to 2028.
Ahead of the December meeting, Balisacan had said that the upper end of the 2024 growth target might already be out of reach since “all the multilateral agencies are seeing that the global economy is not as expansive as initially expected.”
The Philippine economy as measured by GDP — the total value of goods and services produced in a period — grew by 5.6% in 2023, falling short of the government’s target band as elevated interest rates resulting from high inflation environment dampened consumption. — VDV, GMA Integrated News