Despite El Nio threat, DBCC keeps 23 target
MANILA -The interagency Development Budget Coordination Committee (DBCC) maintained their assumptions on Philippine economic growth this year despite the threat of El Nio and other natural disasters on agricultural output and prices of goods.
The outlook for 2023 was kept at a range of 6 percent to 7 percent, and for 2024-2028 at 6.5 percent to 8 percent.
Budget Secretary Amenah Pangandaman said in a press briefing the projections were unchanged because of positive developments in the domestic economy and recent global trends.
In the first quarter of the year, the Philippine economy was one of the best-performing economies in the Asia-Pacific region.
Philippine gross domestic product (GDP) grew by 6.4 percent, outpacing other developing and emerging economies, such as Indonesia, China and Vietnam.
Philippines GDP growth above-target at 6.4% in Q1 2023
These [growth] projections have already taken into account the risks posed by El Nio and other natural disasters, global trade tensions and value chain disruptions, among other factors, Pangandaman said.