Economy 1 MIN READ

PH interagency panel keeps 2023 to 2028 GDP growth targets

April 24, 2023By Reuters

The Philippines maintained its economic growth target for 2023 at 6.0% to 7.0%, a government inter-agency panel said on Monday, citing momentum from increased domestic demand and better labour conditions.

The economy is seen to grow 6.5% to 8.0% for 2024 to 2028, the inter-agency panel known as the Development Budget Coordination Committee (DBCC) announced in a news conference.

The DBCC said it took into consideration the risks posed by geopolitical and trade tensions, a possible global economic slowdown, as well as weather disturbances in the country.

It also expected inflation to register at 5% to 7% this year, returning to within the government’s 2% to 4% target by the fourth quarter, saying it was committed to taking proactive measures to bring inflation down.

Inflation slowed for a second straight month in March to 7.6%.

The DBCC expected the peso to move between 53 and 57 to the dollar this year.

(Reporting by Neil Jerome Morales; Editing by Martin Petty)

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