Department of Finance (DOF) Secretary Benjamin Diokno said this year's economic growth target is within reach, citing the government's aggressive 'catch-up' plans. '[The] 6.0 percent gross domestic product (GDP) growth target for 2023 remains achievable,' Diokno said in a Viber message to reporte
Department of Finance Secretary Benjamin Diokno said this year’s economic growth target is within reach, citing the government’s aggressive “catch-up” plans.
“An aggressive catch-up plan for infrastructure projects, quicker response by GOCCs , and strong and deliberate spending by resource-surplus local governments are essential parts of the solution to the relatively weak second quarter growth performance of the Philippine economy,” the finance chief added.
“A close look at the economic performance of our Asian peers could give a balanced view of the country’s economic performance,” said Diokno. “The Philippines is not as export-dependent as some of its ASEAN neighbors. Its growth is consumption-based. That is why it is less susceptible to the weaker export demand owing to the slowing global economy, which is partly due to the aggressive monetary tightening, supply bottlenecks and rising commodity prices resulting from the ongoing Russian invasion of Ukraine,” he explained.He noted that this is mainly due to a slowing global economy.
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