Philippines Sets Ambitious Economic Goals for 2024-2028
April 6, 2024 - The Philippine government has unveiled its medium-term economic blueprint, setting forth ambitious targets for Gross Domestic Product (GDP) growth and inflation control from 2024 to 2028.
Under the leadership of President Ferdinand R. Marcos Jr., the administration has confirmed macroeconomic goals that aim for a GDP growth of 6% to 8%, while maintaining the inflation rate within the range of 2% to 4%. These targets have been approved by the Development Budget Coordination Committee (DBCC) and signal a robust approach to the nation’s economic development.
The medium-term growth projections are as follows:
- 2024: 6.0-7.0% GDP growth
- 2025: 6.5-7.5% GDP growth
- 2026-2028: 6.5-8.0% GDP growth
The government’s inflation outlook remains focused on stabilizing the cost of living, with a commitment to keeping inflation rates between 2.0-4.0% for the next five years.
In line with these objectives, the updated Medium-Term Fiscal Program (MTFP) presents a prudent financial management strategy. Key initiatives include enhancing tax systems for more efficient revenue collection and collaborating with Congress to refine tax laws. The projected revenue collection stands at PHP 4.270 trillion in 2024, with an increase to PHP 6.078 trillion by 2028.
A significant goal of the MTFP is to reduce borrowing and lower the national debt relative to the country’s earnings by the end of the period.
The proposed national budget for 2025 prioritizes high-impact infrastructure projects and essential social services for the vulnerable, reflecting the administration’s commitment to inclusive growth and development.
These measures are part of the government’s comprehensive plan to foster a resilient economy capable of weathering global challenges and ensuring sustainable progress for the Philippines.