THE Development Budget Coordination Committee (DBCC) implemented adjustments to the target growth of the Philippines Gross Domestic Product (GDP) for this year.
In a press briefing at Malacañang on Thursday, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan stated that from the original target of 6.5% to 7.5%, it was revised to 6% to 7%.
Nevertheless, Balisacan said the Philippines is still on track to achieve upper middle-income economy status by 2025 despite the said revisions.
The secretary further explained that the adjustment would not affect the Marcos administration’s goal for the economy.
“No, because with the six to seven percent is quite a high growth that still fall within the realm of possibility for our entry to the upper middle-income class threshold of almost 4,500 US dollars in gross national income per capita,” said Sec. Arsenio Balisacan, NEDA.
Balisacan emphasized that the target growth of Gross Domestic Product (GDP) of six to seven percent would certainly continue to provide the country with stable jobs for Filipinos.
He also stressed that the goal of the Marcos administration was not only job quantity but also job quality.
“And therefore, even as we see unemployment numbers to continue to be low, the quality of the employment produced will provide more income opportunities for our people so that they will be able to get out… our fellow countrymen will move out of poverty as soon as possible,” Balisacan added.
To recall, the Development Budget Coordination Committee also adjusted the growth target for 2025— From 6.5 to 8.0 percent, it was revised to 6.5 to 7.5 percent.
The country’s GDP growth targets of 6.5 to 8 percent for 2026 to 2028 were maintained.
These growth targets will keep the country’s position as one of the fastest-growing emerging economies in the Asia Pacific Region, according to Balisacan.
Moreover, during this growth period, NEDA said the Philippines is still ‘on track’ in reducing poverty incidence, from 18 percent in 2021 to its single-digit target by 2028.
