The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) stated Thursday that the government’s downward revision of economic growth targets for 2026 through 2028 is a “wake-up call” and a sobering acknowledgment of significant economic headwinds.

Last week, Department of Economy, Planning, and Development Secretary Arsenio Balisacan announced that the government has lowered its 2026 Gross Domestic Product (GDP) growth target to 5–6%, down from the 6–7% range previously set in mid-2025.

FFCCCII President Victor Lim, in a statement released Thursday, attributed the slowdown to the "corrosive aftermath" of recent flood control corruption scandals and global trade uncertainties. This economic sentiment follows a record plunge for the Philippine peso, which hit a low of P59.46 against the U.S. dollar this week.

“We must categorically reject the notion that these new targets—5 to 6 percent in 2026, scaling to 6 to 7 percent by 2028—should represent the limit of our national economic ambition. To meet fundamental moral and social imperatives, the Philippine economy must target and seek to achieve sustained annual growth reaching 8 percent and beyond,” Lim said.

Ambition vs. inclusivity

While Lim commended the government’s focus on inclusive growth in the 2026 budget—prioritizing health, education, and job creation—he argued that inclusivity should be the outcome of ambition, not an alternative to it.

“We cannot significantly improve inclusivity on a sluggish and small economic base. A faster, larger, and more robust Philippine economic expansion provides the essential resources and opportunities to ensure a 'rising tide lifts all boats' not as a hope, but as a tangible reality,” Lim said.

The Vietnam comparison

Lim pointed to regional neighbor Vietnam as a stark contrast to the Philippines’ current trajectory. While the Philippines recalibrates downward, Vietnam achieved 8% growth in 2025 and is currently targeting 10% for the new year.

“Their success in attracting investment, boosting tourism, and raising per capita income underscores a critical truth: global capital and opportunity flow decisively to destinations perceived as dynamic, disciplined, efficient, reformist, and relentlessly forward-moving. The lingering shadow of a massive corruption scandal must be dispelled not by lowered expectations, but by demonstrably higher standards of governance and performance,” Lim stressed.

The FFCCCII is advocating for a bold reform agenda that includes an anti-corruption overhaul, an agricultural renaissance, and "economics-first" diplomacy.

“The government's revised targets are a snapshot of current momentum. We must now change that momentum entirely. This is the decade we choose ambition over accommodation, and action over acceptance,” Lim added.