8% GDP growth doable — Marcos

President Ferdinand Marcos Jr. expressed confidence in achieving the ambitious economic growth target of 8 percent within his six-year term, pointing out that the Philippines is one of Asia’s fastest-growing economies.

In a recent television interview, Marcos acknowledged the need for adaptability in economic planning, particularly in response to external factors beyond the Philippines’ control.

“We always plan for the ideal. We don’t plan for a mediocre result. We plan for a very good result. And as I said, we just have to adjust along the way as we continue to transform the economy. But, yes, I think it is, I think (hitting 8-percent GDP growth) is doable,” he said when asked about the feasibility of reaching the target.

In 2023, the Philippines recorded a full-year GDP growth of 5.6 percent. This performance surpassed that of key Asian economies like China (5.2 percent), Vietnam (5.0 percent), and Malaysia (3.8 percent).

The GDP, or Gross Domestic Product, signifies the aggregate value of all goods and services generated within a nation during a specific timeframe.

Previously, National Economic and Development Authority Secretary Arsenio Balisacan underscored the need for the Philippines to surpass its existing growth rate of 6 percent to compete with its “more prosperous neighbors.”

Balisacan highlighted the potential of the Philippines capitalizing on its “demographic sweet spot” to attain growth levels ranging between 7 and 8 percent.

Regarding the sustainability of the country’s rapid economic growth, President Marcos said most of the government’s policies have been to spur growth.

“That’s the most important part because only growth will pull us out of the morass that was left after the pandemic,” he said.

He highlighted the pivotal role of sustained growth in addressing various economic challenges, including debt ratios, unemployment, and inflation. He reiterated his belief in the sustainability of this growth trajectory, contingent upon the government’s ability to remain agile in responding to external shocks beyond its control.

“If we are also agile in terms of responding to the shocks that come from the outside, I believe it is sustainable,” he said, underlining the importance of adaptability in navigating unforeseen challenges.