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Gov't cuts growth target to 6%-7% — NEDA

MANILA, Philippines — The country’s gross domestic product (GDP) growth target for 2024 has been adjusted to a range of 6% to 7%, down from the previous range of 6.5% to 7.5%, National Economic Development Authority (NEDA) chief Arsenio Balisacan said.

In a press briefing with the members of the press on Thursday, Balisacan said that the country's economic growth target had been revised following a careful consideration of factors such as the global economic slowdown, rising oil prices and inflation trends.

Balisacan also said that the growth target for 2025 was adjusted to a range of 6.5% to 7.5%, down from the initial range of 6.5% to 8.0%. 

Meanwhile, the growth projections for 2026 to 2028, ranging from 6.5% to 8.0%, remained unchanged.

Last year, the Development Budget Coordination Committee also revised the 2024 GDP target to a range of 6.5% to 7.5%, from the previous 6.5% to 8%.

At the close of 2023, the country's GDP reached 5.6%, falling below the government's targeted range.

RELATED: Philippines posts 5.6% GDP growth in 2023, misses gov't target

This was influenced by elevated interest rates due to high inflation, which restrained consumer spending.

On the other hand, the country’s inflation rate has ballooned to 3.4% as the cost of food and non-alcoholic beverages surged.

RELATED: Inflation rises 3.4% in February, ending 4-month decline

The inflation report for the month of March will be reported by the Philippine Statistics Authority on April 5.