On the sidelines of the Economic Journalists Association of the Philippines induction of officers on Thursday, Recto said there is a need to come out with more realistic targets not only for this year but for the medium term as well.
"If we project a very high GDP (gross domestic product), you'll also project a very high revenue and if you miss it, your deficit will increase and your debt-to-GDP will also increase," Recto told reporters.
The finance chief is now looking at six to 6.5 percent GDP expansion for 2024.
This is significantly lower than the 6.5 to 7.5 percent GDP target set by the Cabinet-level Development Budget Coordination Committee (DBCC) in December last year.
"I think six percent is a good number.
Aspirational, I think we should hit for 6.5 percent. Realistic is six (percent), but we will endeavor to hit 6.5. That's how I'm looking at it," Recto said.
"Nevertheless, we are pushing the BIR (Bureau of Internal Revenue), the Customs and the Treasury to collect more.
Esta historia es de la edición March 23, 2024 de The Philippine Star.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 23, 2024 de The Philippine Star.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
FFCCCII backs further lowering of rice tariffs
The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) is supporting a proposal to further reduce the import duties slapped on rice to help bring down the prices of the staple.
'Rice farmers to lose P33 B from lower tariffs'
Local rice farmers stand to lose P33 billion if the tariffs on imported rice are further reduced, as this is expected to translate to lower farmgate prices, an industry group said.
DoubleDragon brings Jollibee Group's multi-brand format to CityMall
DoubleDragon Corp., the listed property developer chaired by Edgar “Injap” Sia II and co-chaired by Tony Tan Caktiong, is bringing the innovative multi-brand format of the Jollibee Group to its network of CityMalls across the country.
Prime Infra inaugurates solar power plant in Batangas
Razon-led Prime Infrastructure Capital Inc.’s subsidiary Prime Solar yesterday inaugurated a 64-megawatt (MW) solar power plant in Tanauan, Batangas.
Jollibee bullish despite weak China market
Homegrown fast-food giant Jollibee Foods Corp. (JFC) remains optimistic on its growth targets for the year despite prevailing headwinds in China.
Inflation likely stayed elevated in May - BSP
Driven by more expensive power rates and a weaker peso, inflation may have accelerated within the 3.7 to 4.5 percent range in May, possibly breaching the two to four percent target for the first time in six months, according to the Bangko Sentral ng Pilipinas (BSP).
Mavericks are best in the West
Luka Doncic was in his element, hitting shots from everywhere on the court, hushing the crowd and flashing those sly smiles as the Dallas Mavericks delivered a knockout performance.
EJ wins silver on borrowed pole
EJ Obiena broke his pole - again.
Iran opens registration for June presidential election
Iran opened a five-day registration period Thursday for hopefuls wanting to run in the June 28 presidential election to replace the late Ebrahim Raisi, who was killed in a helicopter crash earlier this month with seven others.
Rafah battles intensify
Intense shelling and gunfire rocked Rafah in southern Gaza on Thursday, after Israel declared it had seized a strategic corridor along the Palestinian territory’s border with Egypt.
