The Marcos administration is determined to hit the lower end of its economic growth target for 2024
despite the slower gross domestic product performance in the first quarter, according to the government’s chief economic manager.In a chance interview with reporters, Finance Secretary Ralph Recto said that the 5.7% GDP growth rate in the January to March period is still “a good growth rate.”The economy’s 5.7% growth in the first quarter was slower than the 6.4% growth rate seen in the same period last year. The latest reading is lower than the target range of 6.0% to 7.
Recto, nevertheless, said the Philippines’ first quarter GDP growth is “still one of the highest.”With this, the Finance chief said the government is "sticking to the target."“I still think we can hit 6% before the end of the year because inflation is slowing down also,” he said.“And we expect rising prices to start slowing down, too,” he added.
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