Marcos administration adjusts economic view amid uncertainties

This photo taken on January 29, 2019 shows a general view of the skyline of the financial district of Makati in Manila. (Photo by Ted ALJIBE / AFP)

MANILA, Philippines — The Marcos administration’s economic managers have adjusted their growth targets for the medium term to account for the “more uncertain” economic environment at home and abroad.

The Development Budget Coordination Committee revised its gross domestic product (GDP) growth target for 2024 to 6 to 6.5 percent, from the previous goal of 6 to 7 percent.

“In particular, we expect the Philippine economy to bounce back during the last quarter, given the anticipated increase in holiday spending, continued disaster recovery efforts, low inflation, and a robust labor market,” the DBCC said.

The 2025 GDP target band, meanwhile, had been widened to 6 to 8 percent, from 6.5 to 7.5 percent before.

For 2026 until the end of President Ferdinand Marcos Jr.’s term in 2028, the DBCC expects the economy to also grow between 6 to 8 percent, from the old target of 6.5 to 8 percent.