National Economic Development Authority (NEDA) Secretary Arsenio Balisacan on Thursday expressed confidence that the country is still on track on its target gross domestic product for 2023.
due to the expected slowdown of the global economy.
"That's the only one of very few countries that have gotten that kind of upgrade. So we are quite still optimistic despite these headwinds," Balisacan added. "I think there’s a lot of misconception about the weakening peso. In fact, when the peso depreciates a bit – not too much, because too much depreciation will cause instability and that could prevent investment – that allowing it to a lower level like what it is now can improve our competitiveness whether we are for the producers of local substitutes of imports or our exports," he explained.
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