The new growth targets set by President Ferdinand R. Marcos, Jr.’s economic team are achievable if the government will continue to reopen the economy, address its debt burden, and pursue aggressive infrastructure spending. READ:
The Development Budget Coordination Committee on Friday approved the medium-term macroeconomic assumptions andscal program for 2022 to 2028. The DBCC set the gross domestic product growth target at 6.5-7.5% this year, lower than the 7-8% given by the previous administration. However, it expects the economy to grow by 6.5-8% annually from 2023 to 2028, higher than the previous administration’s assumption of 6-7% from 2023 to 2025.
The DBCC also raised the average inflation rate assumption to 4.5-5.5 % for 2022, from 3.7-4.7% previously, reflecting the impact of soaring transport, fuel, and food expenses. Ination is expected to ease to 2.5- 4.5 % in 2023 and return to the 2-4% target range from 2024 to 2028. “I foresee leading transport, telecom, and energy companies from South Korea, Taiwan, Japan, China, Spain and Germany, among others, investing heavily in our infrastructures, helping us to continue the ‘Build, Build, Build’ program despite the handicap of our debt burden. This is the only way we can continue to invest 6 % of our GDP in infrastructure,” he said.
“To achieve these goals, the government must address the debt burden by increasing tax collections,” Mr. Villegas said.Finance Secretary Benjamin E. Diokno last week said they will support the passage of a bill that would regulate or tax the consumption of single-use plastics, as well as a bill that would tax digital services.
Mr. Diokno last week said the Philippines will achieve upper middle-income status by the end of Mr. Marcos’ term in 2028.
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