PH aims for 8% high end of GDP growth target

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Simplify language on gains — Marcos

The Marcos administration yesterday reaffirmed its commitment to sustain a higher growth trajectory in 2025 and keep the inflation rate and poverty incidence within target levels.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the government must avoid complacency to reach the growth target of 6-8 percent in gross domestic product (GDP).

At the 24th NEDA Board Meeting in Malacañang on Thursday, Balisacan presented the Philippine Development Report 2024, which highlighted the economic accomplishments of the country, including a list of projects launched and completed last year.

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For 2025, Balisacan said the government aims to sustain a higher growth trajectory for GDP at between 6 percent and 8 percent – up from 6 to 6.5 percent in 2024; realize a headline inflation rate within 2 – 4 percent; and keep the poverty incidence below 13.2 percent, and in 2028, at 9 percent.

NEDA will continue to drive social economic transformation by diversifying and developing new growth drivers, enabling the adoption of new technologies, raising economic productivity and establishing meaningful collaborations with various stakeholders, Balisacan said.

President Ferdinand Marcos Jr. expressed satisfaction with what the country has achieved so far and wanted all economic achievements last year, including ongoing projects, fully explained to the public in a language that they would understand and eventually realize its benefits impact on their future and the improvement of overall quality of their lives.

“It has to be in a language that is easily digestible and in a language that makes sense to Juan dela Cruz.  We’re falling behind in making the connection between what we are doing to the lives of ordinary Filipinos,” Marcos said.

The president said he wanted projects such as the Bataan-Cavite Bridge fully explained to the public to enable them to know that it was meant to ease traffic congestion in Metro Manila and open up all other places in Central Luzon and Calabarzon.

The president also wanted all efforts to ensure food security consolidated and reported to the Filipinos.

As previously reported by the government, the weaker-than-expected 5.2 percent growth in the third quarter of the year dragged the average growth in the first three

NEDA is set to announce the fourth quarter and full-year 2024 economic performance of the economy on January 30.

Meanwhile, the annual inflation average for 2024 slowed for the first time after a two-year climb, to 3.2 percent from 6.0 percent in 2023 and 5.8 percent in 2022, according to the Philippine Statistics Authority.

The inflation numbers were within the government’s target of 2 percent to 4 percent for 2024

The Executive Branch said it would also work together with Congress to secure development priorities to ensure fiscal programs support growth and institutionalize the regular conduct of monitoring and evaluation and integration in budgeting, planning, and investment programming.

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