Philippines Economic Growth Targets Under Review Amid Global Uncertainties
On March 8, 2025, the Philippine government announced plans to reassess its economic growth targets for the year, citing global uncertainties that could impact the nation's economic performance. Arsenio Balisacan, Secretary of the National Economic and Development Authority (NEDA), emphasized the need for flexibility and vigilance in light of these challenges. He indicated that key data releases in the second quarter would be pivotal in determining whether adjustments to the current targets are necessary.
The government's existing goal is to achieve a Gross Domestic Product (GDP) growth rate between 6% and 8% from 2025 through 2028. However, in 2024, the Philippines recorded a GDP growth of 5.6%, slightly above the 5.5% growth in 2023 but still below the revised target of 6% to 6.5%. This shortfall has prompted economic managers to consider revisiting their projections to better align with prevailing economic conditions.
Factors contributing to this cautious outlook include a series of tariff actions in the United States and other external headwinds that have introduced significant uncertainties into the global economic landscape. Balisacan highlighted the importance of being adaptable and closely monitoring economic indicators to navigate these challenges effectively. The administration aims to balance sustaining economic growth with mitigating potential risks arising from the unpredictable global environment.
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