{"id":18950,"date":"2024-05-28T03:05:45","date_gmt":"2024-05-28T03:05:45","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/dbcc-wont-revise-target-for-now-says-balisacan\/"},"modified":"2024-05-28T03:05:45","modified_gmt":"2024-05-28T03:05:45","slug":"dbcc-wont-revise-target-for-now-says-balisacan","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/dbcc-wont-revise-target-for-now-says-balisacan\/","title":{"rendered":"DBCC won\u2019t revise target \u2018for now,\u2019 says Balisacan"},"content":{"rendered":"
\n

By Beatriz Marie D. Cruz, <\/b>Reporter <\/i><\/p>\n

THE Development Budget Coordination Committee (DBCC) is not planning to revise next year\u2019s growth target \u201cfor now,\u201d National Economic and Development <\/span>Authority (NEDA) Secretary Ar<\/span>senio M. Balisacan said. <\/span><\/p>\n

\u201cUntil we see the numbers for this year, we won\u2019t revise the numbers for next year,\u201d he told reporters on the sidelines of the Philippine Economic Brie<\/span>f<\/span>ing on Monday. <\/span><\/p>\n

The DBCC earlier tweaked its 2025 growth target to 6.5-7.5% from 6.5-8%.<\/p>\n

Mr. Balisacan said the Philippine central bank\u2019s \u201cless hawkish\u201d tone would affect consumption in the near term, but it would take longer to <\/span>af<\/span>fect future investments. <\/span><\/p>\n

Private spending accounts for nearly a quarter of gross domestic product (GDP) growth.<\/p>\n

\u201c[Rate cuts] could have immediate effects especially for those who are planning or have been planning to buy durable consumer goods,\u201d he said.<\/p>\n

\u201cBut for investments, that could have longer-term e<\/span>f<\/span>fects because if interest rates are expected to be lower in the coming months, investors may wait until (the cut) will materialize, and then it will take time before that actual investment will take place.\u201d<\/span><\/p>\n

Last week, the Monetary Board stood pat for the fifth straight meeting, keeping its key policy rate at a 17-year high of 6.5%. However, the BSP signaled a possible monetary easing by August.\u00a0<\/span><\/p>\n

Mr. Balisacan said a rate cut would also improve consumer expectations.<\/p>\n

\u201cIf people expect that the interest rate will be lower in the coming months, then that makes people\u2026 preparing for that investment so that they will be ready to go to their banks.\u201d<\/p>\n

At the economic brief<\/span>ing, Finance Secretary Ralph G. Recto said the government must ramp up spending in infrastructure and human capital development programs to drive growth.<\/p>\n

\u201cThese two investment areas will provide the highest multiplier effect in the short term and in the long term,\u201d he said.<\/p>\n

The Philippine economy grew by 5.7% in the f<\/span>irst quarter despite weak consumption, inf<\/span>lation and high interest rates. The DBCC is targeting 6-7% growth this year.<\/p>\n

Mr. Recto also cited the need to increase investments in education and social services.<\/p>\n

\u201cWe aim to fully equip Filipinos with new technological know-how so we can position ourselves as the hub for technology-driven industries,\u201d he added.<\/p>\n

Stronger consumer spending fueled by remittance in<\/span>f<\/span>lows and the expanding labor market would also bolster growth, Mr. Recto said. <\/span><\/p>\n

The increasing number of Filipinos engaged in formal and stable jobs \u201creinforces the Philippines\u2019 path towards becoming an upper middle-income country next year,\u201d he added.<\/p>\n

The Finance chief cited projections by multilateral lenders that the Philippine economy would outperform its Southeast Asian neighbors.<\/span><\/p>\n

\u201cBy 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India and South Korea, and we are expected to continue outpacing the growth of Asia\u2019s economic powerhouses in the years to come,\u201d he said.<\/p>\n

Meanwhile, Mr. Balisacan said sustained and inclusive growth would help reduce poverty incidence to 9% by 2028.<\/p>\n

\u201cWe must also strengthen our social protection system [for] those who are unable to join the labor market because of their personal circumstances, or because they suffer certain shocks, like victims of typhoons or disasters,\u201d he said.<\/p>\n

\u201cWe should have a system that prevents them from going down the poverty line.\u201d<\/p>\n

Data from the Philippine Statistics Authority showed that the Philippines\u2019 poverty incidence, or the proportion of poor Filipinos whose per capita income is not suff<\/span>icient to meet their basic food and nonfood needs, fell to 22.4% in the f<\/span>irst half of 2023 from 23.7% two years earlier.<\/p>\n

This was equivalent to 25.242 million poor Filipinos, lower than 26.137 million in the f<\/span>irst half of 2021.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE Development Budget Coordination Committee (DBCC) is not planning to revise next year\u2019s growth target \u201cfor now,\u201d National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[16357,14644,15403,168,3487,17656,192,935,2526],"class_list":["post-18950","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-balisacan","tag-bworldonline","tag-dbcc","tag-for","tag-now","tag-revise","tag-says","tag-target","tag-wont"],"yoast_head":"\nDBCC won\u2019t revise target \u2018for now,\u2019 says Balisacan - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/dbcc-wont-revise-target-for-now-says-balisacan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DBCC won\u2019t revise target \u2018for now,\u2019 says Balisacan - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE Development Budget Coordination Committee (DBCC) is not planning to revise next year\u2019s growth target \u201cfor now,\u201d National Economic and Development Authority (NEDA) Secretary Arsenio M. 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