PBBM confident in achieving 8% economic growth target

President Ferdinand Marcos Jr. expressed confidence in achieving an ambitious economic growth target of 8 percent within his six-year term, as he said the Philippines is one of Asia's fastest-growing economies.

In a recent television interview, Marcos Jr. 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 an 8 percent GDP growth) is doable," Marcos Jr. said when asked about the feasibility of reaching such a 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).

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 (NEDA) Secretary Arsenio Balisacan underscored the need for the Philippines to surpass its existing growth rate of 6% in order to compete with its "more prosperous neighbors."

Balisacan highlighted the potential for the Philippines to capitalize on its "demographic sweet spot" to attain growth levels ranging between 7% and 8%.

Regarding the sustainability of the country's rapid economic growth, President Marcos said most of the policies that the government has taken on are to spur growth.

"That's the most important part, because it is only growth that will pull us out of the morass that was left after the pandemic," Marcos Jr. said.

Marcos 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," President Marcos said, underlining the importance of adaptability in navigating unforeseen challenges.