Gov’t lowers growth target to 6 – 7% amid budget delays

Filipino construction workers are seen climbing up scaffolding at the construction site of a midrise commercial building in Metro Manila. ABS-CBN NEWS

MANILA – The Philippines on Wednesday lowered its GDP growth target for this year to 6-7 percent, instead of 7-8 percent, citing the impact of a delay in the approval from the legislature for this year’s budget.

The government also raised its inflation target for this year, to 3-4 percent instead of a 2-4 percent range.

The growth target for next year has also been trimmed, to 6.5-7.5 percent rather than 7-8 percent.

The GDP growth targets for 2021-2022 remain at 7.0-8.0 percent, the government’s Development Budget Coordination Committee said.

Earlier on Wednesday, Socioeconomic Planning secretary Ernesto Pernia said the economy may grow by as little as 4.2-4.9 percent this year if a delay in full approval of the budget continues. (ABS-CBN News)


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