MANILA : The Philippine government on Friday maintained its 2023 gross domestic product growth target at 6.0 per cent to 7.0 per cent, confident the country can withstand external and domestic risks, including the impact of the El Nino weather phenomenon. The GDP growth target for the 2024 to 2028 period
MANILA : The Philippine government on Friday maintained its 2023 gross domestic product growth target at 6.0 per cent to 7.0 per cent, confident the country can withstand external and domestic risks, including the impact of the El Nino weather phenomenon.
The panel includes the central bank, departments of finance and budget and the economic planning agency. In the Philippines and other parts of Asia, El Nino usually causes hot, dry weather that results in lower agricultural production and disruption in water and power supplies. The agriculture department has also come up with measures to support the farm sector, including buffer stocking of inputs, adjusting planting calendar, and promoting drought-tolerant crops.
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