Administrasyon ni PBBM, positibong maipagpapatuloy ang 'momentum' sa economic growth sa kabila ng...
Administrasyon ni PBBM, positibong maipagpapatuloy ang 'momentum' sa economic growth sa kabila ng ibinabang target GDP na 6%-7%
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00:00 Positive administration, Marcos, that the country will maintain the economic growth.
00:05 This is even if the growth target of the Philippines is lowered by 6 to 7 percent.
00:10 That is what Kenneth Paciente predicted.
00:12 The national budget proposed is 6.2 trillion pesos for the year 2025
00:20 of the Development Budget Coordination Committee or DBCC
00:23 in the Cabinet meeting yesterday led by President Ferdinand R. Marcos Jr.
00:27 This is higher than 7.5 percent of the budget this year of 5.768 trillion pesos.
00:34 According to National Economic and Development Authority Secretary Arsenio Balisacan,
00:39 if approved, the amount of the proposed funds will remain
00:43 for projects that will help and improve the quality of life of Filipinos.
00:48 The amount of the household allowance will be given under the Household National Program for the Philippine Government.
00:55 With spending to remain focused on delivering high impact and transformative public infrastructure projects
01:02 and essential social services, especially for the poor and vulnerable.
01:08 The government's steps were also discussed,
01:11 along with various talks on plans to improve the country's economy,
01:16 where the DBCC approved the adjustment of the country's growth target this 2024.
01:22 From 6.5 percent to 7.5 percent target for this year, it was lowered to 6 to 7 percent.
01:30 Balisacan explained,
01:32 some things were included here including the country's economic performance in 2023,
01:37 as well as some external factors.
01:39 To recognize the recent developments in the global economy,
01:47 particularly trade and finance,
01:50 we have seen the continuing slowdown of the global economy
01:57 and also taking into account the uptick in oil prices,
02:05 as well as the trends in inflation interest rates,
02:11 not just in the Philippines but also in other countries,
02:16 particularly our major trading partners like the US.
02:19 In 2025, the growth target was lowered from 6.5 percent to 7.5 percent,
02:25 from 6.5 percent to 8 percent,
02:29 while the country's growth target for 2026 to 2028 was still at 6.5 percent to 8 percent.
02:37 Despite the aforementioned adjustment,
02:39 Balisacan emphasized that the country's economic trajectory is still on track.
02:43 In fact, he will maintain the adjusted growth targets
02:47 and the position of the Philippines as one of the fastest-growing economies in the Asia-Pacific region.
02:53 At this pace of growth,
02:56 we are still on track to reducing poverty incidence from 18 percent in 2021
03:05 to single-digit level in 2028.
03:09 Even now, the government still does not ignore the challenges
03:14 despite the good economic growth of the country,
03:17 such as domestic and external risk,
03:20 climate change,
03:21 natural disasters like what El Niño is experiencing,
03:24 which greatly affects food security,
03:27 even with the price of goods in the country,
03:29 which is what the government is focusing on now.
03:32 And despite these challenges,
03:34 the administration remains positive
03:37 that it can continue the momentum for the development of the Philippines.
03:41 The Marcos administration remains steadfast
03:45 in its commitment to sustain the robust growth trajectory of the Philippine economy.
03:51 The government's dedication transcends meeting statistical targets
03:56 or numerical benchmarks.
03:59 We direct our efforts toward realizing a strategic and compelling vision
04:05 for our nation's prosperity,
04:07 even as we navigate a global economic landscape
04:11 marked by various challenges within and without.
04:15 Balisaca insisted that the adjusted growth rate
04:19 in the country's use of the upper middle-income economy status in 2025
04:24 will not be affected by the government's commitment to this.
04:27 But it is still possible for the country to use its target of 8 percent GDP growth
04:33 at the end of President Ferdinand R. Marcos Jr.'s term.
04:37 The 2020 dates is where we are targeting 6.5 to 8.
04:41 If we hit the 8, we'll be so lucky, right?
04:45 But, you know, as we see it,
04:49 I see if the interest rates will continue to fall,
04:54 there's a huge housing backlog.
04:58 If those come in,
05:01 they will drive the economy in a substantial way.
05:04 The country's GDP grew by 5.6 percent in 2023.
05:10 It's higher than that of China, Vietnam, and Malaysia.
05:14 Kenneth Paciente for Pambansang TV in Bagong, Philippines.