Recto sees 'realistic' 6-6.5% growth for Phl

Finance Secretary Ralph Recto is looking at a more realistic” economic growth of at least six to 6.5 percent for this year, with medium-term economic expansion likely to be tempered as well.

- LOUISE MAUREEN SIMEON

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.