13-12-2023 (MANILA) Economic Planning Secretary Arsenio Balisacan expressed confidence that the Philippines can still achieve its gross domestic product (GDP) growth target of 6%-7% for the year. During a press conference held in Manila, Balisacan stated that the government’s ongoing reforms will contribute to sustaining the country’s growth in the medium and long term.
The Philippine economy recorded a growth rate of 5.5% from January to September, indicating positive momentum. Despite this, the government remains vigilant and acknowledges the presence of potential risks that could impact economic performance. Balisacan specifically cited the El Niño dry weather pattern and geopolitical tensions as factors that could introduce uncertainty and disrupt supply chains.
