'Philippines must aim for 8% growth'

The Philippines should aim for sustained annual growth of eight percent or higher to be able to reach its full potential and see transformative progress, according to the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc.

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FFCCCII president Victor Lim said the Philippines should target and seek to achieve a sustained annual growth of eight percent and beyond as its minimum ambition.

"The goal of eight percent remains the ideal benchmark of transformative progress, because a steadfast and collective drive toward eight percent is the critical, immediate step that will change our momentum and define this decade," he said.

While the government recently lowered its growth targets for this year and the next, he said these should not represent the limit of the country’s economic ambition.