Philippine GDP Revision Unlikely to Affect Investor Confidence

Presidential Adviser for Investment and Economic Affairs, Frederick Go, reassured that the recent adjustment in the Philippines’ GDP growth targets by the Development Budget Coordination Committee (DBCC) would not negatively impact investor sentiment. The adjustment reflects a strategic recalibration in response to the country’s economic performance and global market trends.

The DBCC revised the 2024 GDP growth forecast to a 6% to 7% range, down from the earlier 6.5% to 7.5% target, yet representing an improvement from the previous year’s 5.6% growth. The economic team also adjusted future targets, indicating a cautious yet optimistic outlook for the Philippine economy.

This revision considers several factors, including global demand, trade growth, oil prices, and anticipated trends in exchange rates and inflation. Despite the decrease in projected growth rates, the Philippine economy’s fundamentals remain strong, with the government aiming for a more attainable and realistic growth trajectory in the medium term.