Gov’t approves lower growth targets

The government approved the reduction in the 2024 economic growth targets, according to National Economic and Development Authority Secretary Arsenio Balisacan

“Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country’s position as one of the fastest-growing emerging economies in the Asia Pacific region,” said Balisacan. The updated Medium-Term Fiscal Program, or MTFP, provides a more gradual but practical fiscal trajectory for the next few years.

“With these expected reforms, we project revenues to reach P4.270 trillion in 2024 and rise to P6.078 trillion by 2028.

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