Given the positive developments in the Philippine economy and the recent global trends, the Development Budget Coordination Committee (DBCC) has revisited the government’s medium-term macroeconomic assumptions, fiscal program, and growth targets for FYs 2023 to 2028.
Real Growth Projections
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With robust domestic demand and broad-based expansion in major sectors, the Philippine economy grew by 5.5 percent in the first three quarters of the year, sustaining its position as one of the best-performing economies in the Asia-Pacific Region. More importantly, the corresponding GDP per capita is above pre-pandemic levels. This growth momentum is expected to continue for the rest of the year and surpass that of our neighboring countries.
