Gov’t sticks to 6.5-7.5% GDP growth target for 2024

The government is sticking to its gross domestic product (GDP) target of 6.5 to 7.5 percent for 2024 despite many organizations forecasting the economic expansion this year will miss the administration’s goal.

National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon on Wednesday said the government has remained optimistic about achieving its target GDP growth for 2024.

“Of course, it’s a target. So, theirs is a forecast, meaning they are looking at what has been the trajectory before. But in our case, we have drivers for growth that we are pushing for,” Edillon told reporters on the sidelines of a joint economic briefing of foreign chambers in Makati City.

Among these sectors that would support economic expansion are international tourism, the Build Better More program of the administration, and the mass housing projects under the Pambansang Pabahay Para sa Pilipino or the 4PH Program.

“Then that will be a big factor actually in accelerating the growth,” she said.

Most of the forecasts of multilateral organizations and banks on Philippine GDP this year were below the government’s target.

Constitutional amendments

As both leaders of the upper and lower houses of Congress are now pushing to amend the Constitution’s economic provisions, Edillon said NEDA would still study the benefits of the proposal.

“It’s still something that we are studying. We have yet to receive, of course, the proposal of both houses of Congress. As it is, in the PDP (Philippine Development Plan), then we actually work within the framework that was given us, within the policy, the regulatory, the legal framework that was given us,” the NEDA official said.

“When we get, receive their proposals, then we’ll do the numbers and see if it will contribute more benefits,” she added. (PNA)