THE National Economic Development Authority (NEDA) has decided to cut the growth target to 6%-7% .

NEDA Secretary Arsenio Balisacan admitted that the Development Budget Coordination Committee (DBCC) brought it down from the previous target of 6.5% to 7.5%.

This was announced by Balisacan after the 16th full Cabinet meeting with President Ferdinand "Bongbong" Marcos Jr.

Likewise Balisacan said that the growth target for 2025 was narrowed to 6.5% to 7.5% from the earlier 6.5% to 8.0%. For 2026 to 2028, the 6.5% to 8.0% growth target was retained.

''The revised targets for our headline indicators considered the country’s recent economic performance in fiscal year 2023 and reflect the latest developments and expectations on external factors such as global demand and trade growth, oil price movements and expected exchange rate and inflation trends,'' he said.

''The DBCC revised gross domestic product or GDP growth target for 2024 is… for 2024 to 6.0 to 7.0 percent from six and half to seven and half percent,'' Balisacan added.

On inflation, Balisacan explained that their targets are still set at 2.0% to 4.0% for 2024 until 2028.

The inflation outlook considers the monetary policy actions currently undertaken the Bangko Sentral ng Pilipinas.

They are also basing it from the monetary strategies and measures being implemented by the Philippine government.