The National Economic and Development Authority (NEDA) on Friday said it has set a target of a 6.5 to 7.5 percent full-year GDP growth rate this year to achieve an “upper-middle-income-country” status by 2025.
“This growth will be supported by low and manageable inflation, a labor force with access to more and better jobs, a stronger fiscal position in the form of a lower deficit and debt as a share of gross domestic product, and an increasingly dynamic, innovative, and competitive economy,” NEDA Secretary Arsenio Balisacan said during a press briefing at the Palace.
While acknowledging the challenges faced by the country, Balisacan said the economy generally performed well in 2023.
He underscored the administration’s commitment to its transformation agenda, expediting the approval of game-changing projects and ensuring that government programs and policies align with the unified pursuit of a Bagong Pilipinas.
“Our experience in the past year has led us to acknowledge the importance of reinforcing further our fiscal position to sustain rapid and inclusive growth in the coming years,” he said.
“We know the challenges, the world economy’s still not as good as we wanted but we do think that there are growth opportunities. The government has passed a number of reforms and we are now operationalizing these reforms,” Balisacan added.
The government set a target growth rate of 6 to 7 percent for 2023.
Meanwhile, Balisacan said the NEDA Board has approved the Laguindingan International Airport Project’s upgrade and expansion, along with the Trade Department’s RAPID Growth Project.
He said the operations and maintenance of the Laguindingan International Airport in Misamis Oriental may be awarded to the private sector in May after the board approved the negotiated parameters, terms, and conditions (PTCs) of the project.
The project will undergo the comparative challenge process under the new PPP Code.
The NEDA Board also approved changes to the timeline and scope of the DTI’s 4.78 billion RAPID Growth Project which aims to support 78,000 farming households.
