The lowering of the Philippines’ growth target for this year is unlikely to dampen investor sentiment, according to Special Assistant to the President for Investment and Economic Affairs Frederick Go.

The Development Budget and Coordination Committee (DBCC) on Thursday cut its target gross domestic product growth rate to 6 to 7 percent from its initial 6.5 to 7.5 percent outlook.

Philippines' 2023 GDP growth lowered to 5.5 percent from 5.6 percent

It also narrowed the 2025 growth target to 6.5 to 7.5 percent from 6.5 to 8 percent.

But speaking with the media in Makati on Friday, Go said these figures are still considered an upgrade from the Philippine economy’s performance in 2023.

“Our growth last year was 5.6 percent so targeting a (minimum of) 6 percent growth is an improvement from last year,” said Go.

Philippines lowers economic growth target 

Go also touted the various initiatives that the Marcos administration is doing to attract more foreign investors into the country. 

These include efforts to eliminate red tape, pushing for reforms such as restoring the power of investment promotion agencies, granting incentives, and simplifying value-added tax rules for locators in economic zones.