Daven Tamayo

Budget chief sees potential revision of economic targets

Article (news)

Lady Vicencio

ABS-CBN News

MANILA - The Development Budget Coordination Committee (DBCC) might consider revising its economic growth and fiscal targets for the Philippines amid domestic and global developments, Budget Secretary Amenah Pangandaman said on Tuesday.The budget chief said revisions are likely but emphasized it will be carefully evaluated including the possible impact of the reelection of Donald Trump and the weakening of peso against the dollar.“We’ve seen articles these past few days, but BSP is in charge of that. The primordial recommendation may be sa previous numbers that we saw, the new administration of President Trump, among others,” Pangandaman said.The government is aiming for a GDP growth rate of 6 to 7 percent this year. While GDP grew at a faster-than-expected 6.4 percent in the second quarter, the third quarter clip disappointed at 5.2 percent after the country was hit by a series of natural calamities. <div><a href="https://www.abs-cbn.com/business/2024/11/7/philippines-posts-lower-gdp-growth-in-third-quarter-925" rel="noopener noreferrer" target="_blank">Philippines posts lower GDP growth in third quarter as bad weather bites</a></div>For the Philippines to hit the lower end of its growth target, the economy needs to expand by at least 6.5 percent in the fourth quarter. Pangandaman maintains the government remains confident that the Philippines will still hit its targets for 2024.“We’re still confident we can hit our targets so we will see. As of now, we’ve been releasing the budget. Based on the numbers, the agencies are utilizing their budgets now. The programs and projects in infrastructure and social, lahat umaandar sabay-sabay. That will contribute to our growth,” Pangandaman said.The DBCC, an inter-agency body responsible for setting the country’s macroeconomic and fiscal targets, is expected to announce any revisions after its meeting in the first week of December.Domestically, Pangandaman said the economic team remains focused in hitting the set targets despite the ongoing clash between the two highest positions in the government.“At least for the economic team, tuloy-tuloy lang kami. All systems go. We’re still on track. In fact, we just signed the CREATE More. The agencies in charge are drafting the IRR and then next year, we’re scheduled to go abroad again for the economic briefing. So, tuloy-tuloy lang ang trabaho,” Pangandaman said.

The budget chief said revisions are likely but emphasized it will be carefully evaluated including the possible impact of the reelection of Donald Trump and the weakening of peso against the dollar.

The budget chief said revisions are likely but emphasized it will be carefully evaluated including the possible impact of the reelection of Donald Trump and the weakening of peso against the dollar.