A haze hovers over the affecting southern parts of Metro Manila on September 22, 2023 as viewed from Quezon City. Maria Tan, ABS-CBN News

METRO MANILA

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<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171219980896820230922-drone-smog-metro manila-MT-4.jpg" style="width:950px" class="fr-fic fr-dib" alt="A haze hovers over the affecting southern parts of Metro Manila on September 22, 2023 as viewed from Quezon City. Maria Tan, ABS-CBN News"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">A haze hovers over the affecting southern parts of Metro Manila on September 22, 2023 as viewed from Quezon City. Maria Tan, ABS-CBN News</span></span></span></span></div><p>MANILA -- <span id="isPasted" style="caret-color:rgb(0, 0, 0);color:rgb(0, 0, 0)"></span>Economic managers are lowering their growth goals for the Philippines in 2024.</p><p>Socioeconomic Planning Secretary Arsenio Balisacan said Thursday that they were lowering the target gross domestic product growth rate <span id="isPasted" style="caret-color:rgb(65, 65, 65);color:rgb(65, 65, 65)">to 6-7 percent </span>from 6.5-7.5 percent.</p><p>Balisacan said the Development Budget Coordination Committee (DBCC) also narrowed the 2025 growth target to 6.5 to 7.5 percent from 6.5 to 8 percent.</p><p>They kept the 6.5 to 8 percent growth target for 2026.</p><p>Balisacan said these reflected their expectations given external factors such as global demand and trade growth, oil price movements, expected exchange rate and inflation trends.</p><p>&quot;Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country&#x27;s position as one of the fastest growing economies in the Asia Pacific region,&quot; he said.</p><p>&quot;Moreover at this pace of growth, we&#x27;re still on track to achieving or to reducing poverty incidence from 18 percent in 2021 to single-digit level in 2028,&quot; he added. </p><p>The Philippine economy grew 5.6 percent in 2023, below government&#x27;s target of 6 to 7 percent. </p><div><span>The DBCC, meanwhile, kept inflation targets at 2 to 4 percent from 2024 to 2028.</span></div><p>It also narrowed its peso-dollar growth rate assumptions to P55 to P57 against the dollar in 2024, and from P55 to P58 for 2025 until 2028.</p><div><a href="https://news.abs-cbn.com/business/2024/1/31/philippine-economy-grows-5-6-pct-in-2023-below-gov-t-target-1026" rel="noopener noreferrer" target="_blank">Philippine economy grows 5.6 pct in 2023, below gov&#x27;t target</a><br/><a href="https://news.abs-cbn.com/business/2024/3/5/inflation-quickens-to-3-4-pct-in-february-901" rel="noopener noreferrer" target="_blank">Inflation quickens to 3.4 pct in February</a></div><div><strong>RELATED STORY:</strong></div><div><a href="https://www.youtube.com/watch?v=ikF8i4HpaLQ&amp;t=2s" id="isPasted"><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable fr-active" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/ikF8i4HpaLQ?&amp;t=2sautoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></a><br/></div>

<p>Economic managers are lowering their growth goals for the Philippines in 2024.</p>

Philippine gov't lowers economic growth target | ABS-CBN

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Philippine gov't lowers economic growth target

Philippine gov't lowers economic growth target

ABS-CBN News

Published Apr 04, 2024 11:15 AM PHT

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Updated Apr 04, 2024 03:04 PM PHT

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