Gov't lowers growth target, but optimistic for 2025

The economic team of the Marcos administration has lowered its growth target for 2024, but adopted a more optimistic outlook for 2025 and beyond.

- By KEISHA TA-ASAN

The Cabinet-level Development Budget Coordination Committee (DBCC) announced at a press briefing yesterday the revised 2024 gross domestic product (GDP) growth target of six to 6.5 percent from the previous six to seven percent goal set in July.

Finance Secretary Ralph Recto said the previous target of seven percent is no longer achievable since it is already December. "I don't think the economy can grow by seven percent this year," he said.

The Philippine economy grew by only 5.2 percent in the third quarter, slower than the 6.4 percent in the previous quarter and six percent a year ago. From January to September, growth averaged 5.8 percent.

Budget Secretary and DBCC chairperson Amenah Pangandaman said economic growth is expected to bounce back in the fourth quarter.