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Manila Bulletin devider Business devider DBCC to keep growth targets—Diokno

DBCC to keep growth targets—Diokno

Published Dec 1, 2022 02:15 pm

The economic team of President Marcos will keep the government’s growth target this year despite the higher than expected pace of expansion recorded in the third quarter.

Finance Secretary Benjamin E. Diokno said the inter-agency Development Budget Coordination Committee (DBCC) will keep its gross domestic product (GDP) target for 2022 of 6.5 percent to 7.5 percent when it meets on Monday.

“The DBCC will meet on December 5, we will review the numbers,” Diokno said. “Many were saying that we can upgrade the forecast, but we will just affirm our 6.5 percent to 7.5 percent forecast.”

As of end-September, the country’s GDP averaged at 7.7 percent, above the DBCC full-year goal.

Asked why the DBCC is inclined not to raise the growth target despite the robust nine-month performance, Diokno responded “it’s time to be conservative.”

“It’s our strategy, because when you commit an eight percent growth, but the actual is 7.9 percent, some would poke fun at us that we are below target,” the finance chief said.

Moreover, Diokno said the DBCC will maintain next year’s GDP target of 6.5 percent to 8.0 percent, adding that the Philippines is unlikely to slip into a recession.

“There were many negative news that next year will be down,” Diokno said. “But don’t be despaired, it’s because of the global situation. Many countries will have a recession next year, but not the Philippines.

“To me, my forecast is I’m sticking to 6.5 percent to 8.0 percent, it’s too early to make any changes,” he added.

Earlier, Socioeconomic Planning Secretary Arsenio M. Balisacan said he expects slower growth for 2023 due to substantial external and internal headwinds.

“We hear talks about the Philippine economy slowing down, along with the global economy, in 2023,” Balisacan said.

“After a likely over 7.0 percent growth in 2022, yes, we may slow down, given still elevated external headwinds and internal challenges, but the economy will remain comparatively strong in 2023,” he added.

The DBCC targets a GDP growth of 6.5 percent to eight percent from 2023 to 2028.

Related Tags

Economic recovery DBCC Development Budget Coordination Committee GDP Finance Secretary Benjamin E. Diokno Gross domestic product
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