Ahead of the release of the country's full-year growth figures, the National Economic and Development Authority (NEDA) announced that the economy had performed well in 2023, despite the significant challenges it encountered.

NEDA Secretary Arsenio M. Balisacan said the local economy, as measured by the gross domestic product (GDP), “generally performed well” from January to December. However, he did not say whether the country achieved a growth rate of at least six percent.

“In summary, the Philippine economy generally performed well in 2023, though we recognize the magnitude of the challenges we faced and which continue to persist,” Balisacan told reporters on Friday, Jan. 26.

President Marcos’ economic team maintained its growth target of 6.0 percent to 7.0 percent for the past year, despite the GDP averaging only 5.5 percent in the first nine months.

To achieve at least the lower end of the government's target range, the economy needed to grow by 7.2 percent year-on-year in the fourth quarter.

“Our experience in the past year has led us to acknowledge the importance of reinforcing further our fiscal position to sustain rapid and inclusive growth in the coming years,” Balisacan said.

The Philippine Statistics Authority is set to release the 2023 fourth quarter performance of the Philippine economy on Wednesday, Jan. 31.

In 2024, the Marcos administration targets a GDP growth rate ranging from 6.5 percent to 7.5 percent.

Balisacan said this level of growth would create economic opportunities, boost employment, raise per capita incomes, and propel the economy to "upper-middle-income-country" status by 2025.

“This growth will be supported by low and manageable inflation, a labor force with access to more and better jobs, a stronger fiscal position in the form of a lower deficit and debt as a share of gross domestic product, and an increasingly dynamic, innovative, and competitive economy,” Balisacan said.

On Friday, Balisacan said the Philippine Development Report, or PDR 2023, was also presented to President Marcos and members of the Cabinet.

In 2023, the Philippine Development Plan (PDP) 2023-2028, the country's medium-term development roadmap, was launched.

In line with Executive Order No. 14, s. 2023, the NEDA monitored the plan's implementation, with inputs from various government agencies. It also launched the PDR, which contained updates on the major programs, projects, and policies implemented.

“The PDR 2023 will be released to the public by the end of this month,” Balisacan said.