DBCC likely to meet soon to review growth target

Manila: Economic managers will meet soon to possibly revise upwards the growth target for the year following the better-than-expected inflation data last month. Headline inflation eased to a four-year low of 1.9 percent in September. "We're very happy. So I think all our reforms are taking place now. It's a success, obviously. The tariff, all our other interventions," Budget Secretary Amenah Pangandaman said on the sidelines of the launch ceremony of the Public Financial Management Reforms Program 2024-2028 held at the Asian Development Bank head office in Mandaluyong City on Monday. Pangandaman said the Development Budget Coordination Committee (DBCC), which sets economic growth and fiscal assumptions, will likely meet within the quarter to review the target. During its previous meeting in April, the DBCC, lowered to 6 to 7 percent the economic growth target for 2024. The lower economic growth target was due to global trade disruptions and geopolitical tensions. For 2025, the economic growth target was set at 6.5 to 7.5 percent. "We want to hit our GDP (gross domestic product), our target. So given this new development, I actually asked already the team, maybe we can have a special DBCC again and we'll try to look at the numbers," she said. "It's a special meeting, off-cycle meeting. Maybe this quarter Especially that the budget is going to be passed soon. So maybe we can review again our targets and hopefully we will catch up on all the targets that we have," Pangandaman added. Pangandaman said the DBM is also hopeful that government spending would be ramped up in the fourth quarter to boost economic growth. Source: Philippines News Agency