THE MARCOS administration has reduced its growth targets for 2026 through the end of its term in 2028 after an unexpected third-quarter slowdown last year, triggered by the widening probe into anomalous flood control projects that ultimately dented economic confidence.
In a MalacaƱang press briefing, Economic Planning Secretary Arsenio Balisacan said the Interagency Development Budget Coordination Committee (DBCC) scaled down its growth goal for this year to 5 to 6 percent, from the previously set 6 to 7 percent.
āThe reason for the scaling down of growth arose from the reality that we saw and have been seeing both domestically and globally [ā¦] We havenāt really gone back to the growth expected before April of last year,ā Balisacan said.
The lowered targets came after the third-quarter gross domestic product grew just 4 percent, bringing the year-to-date average to 5 percent. This fell short of the governmentās 5.5 to 6.5 percent target.
Balisacan earlier said growth would have to reach at least 6.8 percent in the fourth quarter to hit that mark.
āThe developments of last year are expected to be felt into 2026, although with diminishing effect. We expect growth in the first half to still not be quite as rosy as we would want it to be,ā Balisacan added.
The DBCC, which met on Dec. 9, has yet to release a joint statement as of posting time. (Nyah Genelle C. De Leon Ā© Philippine Daily Inquirer)
