The government will stick to its growth targets of 6.5 percent to 8 percent for the medium term, National Economic and Development Authority Secretary Arsenio M. Balisacan said on Wednesday, Dec. 13.

Balisacan told reporters that the highest range could still be reduced but there are no plans to lower the 6.5 percent amid news of the worst El Niño expected to hit the country until the second quarter of next year.

“We need to be ambitious, we need to catch up with our neighbors,” he said.

Balisacan also said that the services sector, particularly tourism, would boost the economy to attain the 6.5 percent target.

The construction sector is also seen as a major driver next year amid several infrastructure projects across the country, he added.

Fitch Ratings, a credit rating agency, recently forecasted the country’s economy to grow by above 6 percent over the medium term, which is significantly stronger than the median 3 percent among "BBB" peers.

Meanwhile, the Asian Development Bank retained its 2023 growth forecast for the Philippines at 5.7 percent on the back of support from domestic demand.

The country's gross domestic product (GDP) increased by 5.9 percent in the third quarter, up higher than the 4.3 percent in the second quarter.

The third quarter performance brought the year-to-date economic growth to 5.5 percent.

To achieve the low end of the target, the economy will need to grow by at least 7.2 percent in the fourth quarter.