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Economic managers eye P6.1-trillion budget in 2025; keep 2023 GDP growth target

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ABS-CBN News

<p>MANILA - Economic managers said they are looking at a national budget of over P6 trillion for 2025, as they maintained the 6 percent GDP growth for this year.</p><p>The Development Budget Coordination Committee, however, also narrowed the growth target range for next year to 6.5 to 7.5 percent from the previous range of 6.5 to 8 percent. </p><p>GDP expanded 5.9 percent in the <a href="https://news.abs-cbn.com/business/11/09/23/philippine-economy-grows-59-percent-in-third-quarter">third quarter</a>, bringing the average growth rate for the first three quarters to 5.5 percent.</p><p>“This growth momentum is expected to continue for the rest of the year and surpass that of our neighboring countries,” the DBCC said in a statement. </p><p>To hit the government’s target of at least 6 percent growth for 2023, GDP needs to grow at least 7.2 percent in the fourth quarter, an economic manager earlier noted.</p><p>The DBCC also expects inflation to average 6 percent this year, and to return to the target range of 2 percent to 4 percent next year.</p><p>Meanwhile, the DBCC is proposing a budget of P6.12 trillion for 2025, which is equivalent to 20.5 percent of GDP. </p><p>President Ferdinand Marcos Jr. earlier said he expects to sign the P5.7 trillion 2024 budget before Christmas. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/15/23/marcos-eyes-signing-2024-budget-before-christmas">Marcos eyes signing 2024 budget before Christmas</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2898659" width="100%"></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>