Despite the threat of El Niño and other natural disasters on agricultural output and prices of goods, the interagency Development Budget Coordination Committee (DBCC) in Manila maintained their assumptions on Philippine economic growth this year. The country’s outlook for 2023 was kept at a range of 6% to 7%, and for 2024-2028 at 6.5% to 8%. The projections were unchanged because of positive developments in the domestic economy and recent global trends. The Philippine economy was one of the best-performing economies in the Asia-Pacific region in Q1 2023, with a GDP growth of 6.4%, outpacing other developing and emerging economies. Despite these growth projections taking into account risks posed by natural disasters, global trade tensions, and value chain disruptions, among other factors, Budget Secretary Amenah Pangandaman expressed confidence that the country would achieve upper-middle-income status in the next two years, through the implementation of near- and medium-term strategies. DBCC expects national government revenues to reach P3.7 trillion by the end of the year and further rise to P6.6 trillion in 2028, through the implementation of revenue-generating measures over the medium term. Disbursements are expected to remain above 20% of GDP through to 2028, with priority given to infrastructure and socio-economic development.
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