The Philippines DoF considers revising growth and fiscal targets to be "more realistic" amidst slower 2023 GDP growth of 5.6% compared to 7.6% in 2022.

The Department of Finance (DoF) in the Philippines is considering revising its growth and fiscal targets to be “more realistic,” Secretary Ralph G. Recto mentioned. The government has set a GDP growth target of 6.5-7.5% this year and 6.5-8% from 2025 to 2028, while the economy grew by 5.6% in 2023, which was slower than the 7.6% expansion in 2022. FM representatives spoke on needing to "come up with more realistic targets."

February 11, 2024
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