The Marcos administration’s economic managers are likely to trim their economic growth targets for this year all the way to 2028.
At the sidelines of the Economic Journalists Association of the Philippines 2024 Board of Directors’ induction late Thursday evening, Finance Secretary Ralph Recto told reporters that the Development Budget Coordination Committee will be having a meeting on Friday, March 22, 2024.
“If we project a very high GDP then you are projecting a very high revenue and if you miss it, your deficit will increase and then your debt-to-GDP will also increase,” Recto said.“I think we should be responsible for that. But, nevertheless, we pushed the BIR , the Customs, and the Treasury to collect more so there must be some efficiency,” the Finance chief added.The Philippine economy as measured by GDP —the total value of goods and services produced in a period— grew by 5.
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