Despite global challenges and economic hurdles, the Philippine government remains steadfast in its positive outlook for the country’s economy. Recent announcements from the country’s top officials confirm a 6-7% GDP growth projection for 2023 and an ambitious 6.5-8% increase from 2024 to 2028.
Amenah Pangandaman, the Budget and Management Secretary and leader of the Development Budget Coordination Committee (DBCC), recently discussed these projections. She underlined threats including natural disasters such as El Nino, disruptions in global trade and value chains, and the nation’s budget considerations.
Despite these challenges, the Philippine economy registered a significant growth of 6.4% in the first quarter of this year. This robust growth places it ahead of other emerging economies like Indonesia, China, and Vietnam.
Pangandaman conveyed the DBCC’s optimism, emphasizing that the country could reach upper-middle-income status within the next two years. She stated that this would be achieved through strategic measures such as ensuring adequate and timely imports, fortifying biosecurity, enhancing agricultural productivity, and promoting legislative reforms including the Livestock, Poultry, and Dairy Competitiveness and Development Act.
National Economic and Development Authority Secretary, Arsenio Balisacan, admitted that the global economic environment is challenging. Yet, the performance of the Philippine economy in the first quarter exceeded many expectations.
Balisacan warned that previous actions to curb inflation could influence the economic growth trajectory for the remainder of the year. But he remains hopeful about the nation’s future economic growth.
Looking ahead, the government predicts inflation will align with its target range of 2-4% by 2024 and maintain until 2028. The Inter-Agency Committee on Inflation and Market Outlook is taking proactive measures to address primary drivers of inflation, further reinforcing the confidence of the nation’s economic managers.
Despite international uncertainties and domestic challenges, the Philippines presents a promising economic landscape, with robust plans to navigate potential risks and promote consistent growth.
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