Recently the Secretary of the Department of Economy, Planning, and Development (DEPDev) expressed confidence that the economy of the Philippines will hit the low-end target of GDP growth for 2025, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface…
Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan said he is confident Philippine economic growth will hit the lower end of the target this year, despite a slowdown in the third quarter.
“The growth that we are expecting for 2025 is now 5.5 to 6.5% The low-end of the range is still very much achievable,” he told reporters on the sidelines of an event on Oct. 16.
Economic managers will meet next week to assess whether revisions to this year’s growth outlook are needed, he added.
Budget Secretary and Development Budget Coordination Committee (DBCC) Chairperson Amenah F. Pangandaman on Wednesday told BusinessWorld that the gross domestic product (GDP) target for 2025 “remains attainable.”
Finance Secretary Ralph G. Recto earlier said flagged a slowdown in the third quarter and possibly until early 2026 as corruption probes curb public spending.
Aside from slower public spending, Mr. Balisacan said weather disruptions may have dampened economic activity in the July-September period.
“There may be a bit of a slowdown (in third quarter) because of these supply shocks that we have seen. There are so many typhoons that we have seen during the quarter, many days of work suspension. So economic activity is really affected,” he said.
Asked whether third quarter growth could fall below the 5.5% annual GDP growth in the second quarter, Mr. Balisacan said: “Hopefully not.”
Let me end this post by asking you readers: What is your reaction to this development? Would you be satisfied to see the economy of the Philippines grow by 5.5% this year? Do you think there will still be a lot of challenges and problems in the 4th quarter that could somehow bring economic growth below 5.5% for the entire year?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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