MANILA – The Development Budget Coordination Committee (DBCC) has kept the gross domestic product (GDP) growth outlook for this year and revised downward its growth forecast.
In a statement Friday, the DBCC said it maintained the growth projection of 6 percent to 7 percent this year after the country registered a 5.5 percent GDP growth in the first three quarters of the year.
On the other hand, it narrowed its GDP growth range outlook for next year to 6.5 percent to 7.5 percent from its previous projection of 6.5 percent to 8 percent.
The DBCC maintained its growth assumption of 6.5 percent to 8 percent between 2025 and 2028.
Inflation, meanwhile, is expected to settle at a 6 percent rate for the full year of 2023 before returning to the target range of 2 percent to 4 percent next year and from 2025 to 2028.
Moving forward, to support economic growth in 2025, the DBCC proposed a PHP6.12 trillion national budget for that year.
“This will continue to lay the groundwork for achieving the country’s economic goals as specifically identified in the MTFF (Medium-Term Fiscal Framework), 8-Point Socioeconomic Agenda, and the PDP (Philippine Development Plan) 2023-2028,” the DBCC said.
The DBCC reviews and approves the government's macroeconomic targets, revenue projections, borrowing level, aggregate budget level and expenditure priorities and recommend to the Cabinet and the President of the consolidated public sector financial position and the national government fiscal program. (PNA)
