The National Economic and Development Authority (NEDA) asserted that the Marcos administration is determined to achieve economic growth within the government's target range this year despite inclement weather and global headwinds.

NEDA Secretary Arsenio M. Balisacan said the Philippine economy only needs to achieve a 5.9 percent growth from April to December in order to meet the lower end of the six to seven percent gross domestic product (GDP) target for 2023.

The Philippines has been grappling with a series of typhoons in recent weeks, which have intensified the Southwest Monsoon, and caused flooding in various agricultural provinces in the country.

The country is also facing challenges such as geopolitical tensions, higher interest rates, as well as volatility in energy and input costs, which are adversely impacting the global environment.

"We are still working on that target of six to seven percent for the year,” Balisacan said in an interview on ANC on Wednesday, Aug. 2.

“We would be happy if we hit the six percent given the quite challenging headwinds in the external environment, particularly the slowdown in our trading partners,” he added.

Meanwhile, Balisacan said the full economic impact of the inclement weather is yet to be determined, as the rainfall caused by the enhanced Southwest Monsoon is still unfolding.

Balisacan, however, remains hopeful that the damage caused by the typhoons, particularly in the agricultural sector, will be less severe compared to previous episodes of monsoon rains.

“In the case of basic commodities like rice, we have adequate stocks. I think that a lot of the imports came in the first half of the year and I think, it allows us to have that buffer,” the NEDA chief said.

Additionally, Balisacan said that June, July, and August are not typically the main harvest seasons for basic agricultural products in most parts of the country.

For this reason, he believes that the damage inflicted by the typhoons during this period may not be substantial.

“I do think that the impact on the overall national economy is not serious at this point,” Balisacan said.

The Department of Agriculture reported on Aug. 1 that the estimated damage caused by typhoons Egay and Falcon, as well as the intensified Southwest Monsoon, amounted to approximately P1.94 billion.

Out of this total, the rice sector accounted for P950 million in damages, while the corn sector suffered losses worth P713 million.