Recto recommends setting ‘more realistic’ growth target

Sec. Ralph Recto. DOF Photo

The government may need to adjust its medium-term economic growth target and come up with more realistic goals, Department of Finance (DOF) Secretary Ralph Recto said.

The inter-agency Development Budget Coordination Committee (DBCC) met on Feb. 5 to discuss progress towards the Medium-term Fiscal Frameworks’s targets and the country’s growth outlook for 2024.

For 2025 to 2028, the committee aims to achieve an economic growth of 6.5 to 8.0 percent.

Last year, the DBCC set a 6.5 to 7.5 percent target for this year.

Recto said that while the DBCC did not make any changes to the target during its last regular meeting, he thinks there should be some adjustments.

“I think we need to. Something more realistic but still high for 2024 and beyond,” he said in a recent interview.

“We are reviewing all of that. It’s a six-year term for the President. One year and a half, tapos na (already finished), we know what’s happening globally so we have an idea of something more realistic.”

The Philippine economy grew by 5.6 percent last year, slower than the recorded 7.6 percent expansion in 2022. (PNA)

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