Members of the Development Budget Coordination Committee (DBCC) are scheduled to convene next week to assess the country’s economic targets.
Budget Secretary Amenah F. Pangandaman said that the inter-agency body responsible for setting the government’s macroeconomic assumptions will hold a meeting on June 14.
"This is part of our routine meetings,” Pangandaman said.
At the previous DBCC meeting in April, economic managers adjusted the growth target for 2024 to a range of 6.0 percent to 7.0 percent, down from the initial projection of 6.5 percent to 7.5 percent.
This modification has necessitated changes in the fiscal program of the Marcos administration, particularly in tax revenues which heavily rely on economic performance.
A slower pace of economic growth, as measured by the gross domestic product (GDP), would imply fewer economic activities, resulting in decreased tax receipts.
With lower revenues, the government is poised to increase its reliance on non-tax income and borrowing.
In 2024, the Marcos administration is counting on an additional P42.12 billion from the sale of government assets, in addition to securing more loans from both foreign and domestic lenders.
The national government expects to end the year with a higher budget deficit of P1.484 trillion.