In what is an acknowledgment of slowing growth, the government of the Philippines officially reduced its economic growth targets until the year 2027, according to a news report by BusinessWorld.
To put things in perspective, posted below is an excerpt from the news report by BusinessWorld. Some parts in boldface…
The Philippines trimmed its economic growth targets until 2027, after growth likely slowed to about 4.8% to 5% this year, according to Economy Secretary Arsenio M. Balisacan.
In a briefing on Monday, Mr. Balisacan said the Development Budget Coordination Committee (DBCC) had lowered its gross domestic product (GDP) growth targets to 5%-6% for 2026 and 5.5%-6.5% for 2027. It kept the GDP growth target at 6%-7% for 2028.
The government earlier aimed to achieve 6%-7% GDP growth annually from 2026 until 2028.
This comes after Mr. Balisacan said the economy likely grew by 4.8-5% in 2025. This is much slower than the 5.7% GDP growth in 2024, and below the government’s 5.5-6.5% growth target.
“The emerging number, growth scenario for 2025, is something like 4.8 to 5%,” he said. “But if you achieve 5% for the entire year, because the first three quarters’ average is already 5%, that still puts the economy into one of the fastest growing economies in Asia.”
Economic growth slowed to an over four-year low of 4% in the third quarter, as the flood control scandal affected government spending and hurt business and consumer confidence.
“The developments last year are likely still to be felt this year, although in a diminishing effect, and so we expect growth perhaps in the first quarter or at least in the first half to be still quite not as rosy as we would want it to be,” the Economy chief added.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the government spending this year should be increased somehow so that it will stimulate the national economy to grow more? Do you think investors based overseas are not convince to invest in the country soon?
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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