The country’s full-year gross domestic product growth rate at 6.5 to 7.5 percent is attainable with the strong standing of agriculture, industry, and services sectors, said Albay Rep. Joey Salceda on Saturday.

In a news forum in Quezon City, Salceda cited that the economy’s supply side is vital to generating economic growth. 

He said the country also has a “comparative advantage” in various services such as business process outsourcing or call centers. 

He added that the country can also “good prospect” gains from the Department of Agriculture’s programs aimed at boosting production.

“With Secretary (Francisco Tiu) Laurel’s strong grasp of the agricultural sector, instead of 2.5 percent, the sector could even achieve higher growth this year,” said Salceda. 

“Mukhang kakayanin natin na mataasan iyon. Kasi ‘pag titingnan mo ang Pilipinas, simple lang iyan,  2.5 ang agri; 4.5 ang industry; 5.5 ang average for the past 15 years… ang atin pong growth rate kasi maalala ninyo naman 2020 saka 2021, bumaba tayo (It looks like we can surpass that. Because 'when you look at the Philippines, it's simple,  2.5 agri; 4.5 the industry; 5.5 is the average for the past 15 years... our growth rate is because you remember 2020 then 2021, it went down),” he added.

Salceda said it is also important to note that despite the slowdown in the economy, “there will be productive capacity and food security if the agriculture and industrial sectors are performing well.”

He also underscored the crucial role of agricultural growth in the government’s fight against poverty. 

“So, ‘pag mababa ang presyo, bababa din po ang poverty. So, maganda po kung galing na sa agriculture ang growth po ng Pilipinas (when the commodity prices are low, poverty will be reduced. So, there’s a good if the Philippine growth will be sourced from agriculture ),” he said.

The National Economic and Development Authority Secretary Arsenio Balisacan said they are targeting to achieve a 6.5 to 7.5 percent full-year GDP growth rate to generate economic opportunities, increase employment, raise per capita incomes, and elevate the Philippine economy to “upper-middle-income-country” status by 2025.

He noted that the Philippine economy generally performed well in 2023 “despite the magnitude of the challenges that the country has faced and which continue to persist.”