Push Admin

PH can still hit 6 pct growth target this year: group

Article (news)

Jekki Pascual, ABS-CBN News

<p>MANILA -- The Philippines may still hit 6 percent growth this year and in 2024, the Philippine Chamber of Commerce and Industry (PCCI) said on Thursday. </p><p>This was despite the recent downgrades in outlook given by several economists following the country’s <a href="https://news.abs-cbn.com/business/08/10/23/philippine-gdp-grows-43-pct-in-2nd-quarter-of-2023">disappointing</a> second quarter growth figures, and concerns about inflation sapping consumer spending.</p><p>&quot;We&#x27;re looking at 6 percent [GDP] siguro, baka even a little less. I think that will not only be true for this year, but maybe in the medium term also, maybe next year,&quot; said PCCI Honorary Chairman and Treasurer Sergio-Ortiz Luis Jr..</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/02/23/balisacan-ph-could-meet-6-pct-growth-target">Balisacan: PH could meet 6 pct growth target despite slowdown among trade partners</a></li></ul><p>The business leader meanwhile also doubted that the country could hit the higher end of the medium-term growth target set by economic managers. </p><p>The Development Budget Coordination Committee earlier set a growth target for 2024 to 2028 of 6.5 to 8 percent. </p><p>&quot;I don’t think achievable pa yung sinasabi nilang 8 percent. I think that is as achievable as P20 rice,” he added.</p><p>Another PCCI official meanwhile said the Philippines can still become a first world economy by 2040, but it needs to address current issues first to attract more investors and foster sustainable growth.</p><p>PCCI Vice President and Chairman of the Philippine Business Conference and Expo Felino Palafox Jr. said reforms must be implemented by both the public and private sectors to attract investors that are currently eyeing other countries. </p><p>&quot;With regard to foreign investors, <a href="https://news.abs-cbn.com/business/08/09/23/meralco-announces-lower-power-rates-in-august">cost of power</a>, <a href="https://news.abs-cbn.com/business/04/04/23/implementing-ease-of-doing-business-act-not-so-easy-after-all">ease of doing business</a>, and they want clearer policies and programs of government. That’s why some of the potential foreign investors, they go to Vietnam,&quot; Palafox said.</p><p>But he remains optimistic about reaching first world economy status in 17 years due to the country’s natural resources and its talent pool, among others.</p><p>&quot;It can be done. It&#x27;s doable. With the many blessings of the country I cited. First, marine biodiversity, sailors, nurses, call centers, second, geothermal etc. What I mentioned a while ago, we have the ingredients of success,&quot; said Palafox.</p><p>Ortiz-Luis, meanwhile, said the government must honor contracts to attract investors. He cited mining and reclamation projects for example, have to be stopped even if they have already been signed.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/11/23/fitch-subsidiary-slashes-2023-ph-economic-outlook">Fitch subsidiary slashes 2023 PH economic outlook</a></li>	<li><a href="https://news.abs-cbn.com/business/08/21/23/ph-seen-to-post-weaker-20-23-growth-following-slower-q2">PH seen to post weaker 2023 growth following slower Q2</a></li></ul><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/NRqm2w7mEMY?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

'I don’t think achievable pa yung sinasabi nilang 8 percent. I think that is as achievable as P20 rice,” said PCCI president Sergio Ortiz-Luis.

PH can still hit 6 pct growth target this year: group

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

PH can still hit 6 pct growth target this year: group

Jekki Pascual,

ABS-CBN News

Published Aug 31, 2023 06:16 PM PHT

|

Updated Sep 01, 2023 07:56 PM PHT

Read More:

PCCI

Philippine Chamber of Commerce and Industry

economy

economic growth

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.