Manila: The Marcos administration's economic managers are set to meet next month to review the country's growth and fiscal targets, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said Wednesday. 'Our practice is to conduct this review as soon as we have the economic performance report, which will be released next week,' Balisacan said on the sidelines of the 2026 National Innovation Day in Manila.

According to Philippines News Agency, the Philippine Statistics Authority (PSA) is set to release first-quarter economic growth data on May 7. Balisacan stated that the Development Budget Coordination Committee (DBCC) is likely to convene about a week after the data release. The DBCC had previously set a growth target of 5 percent to 6 percent for this year and 5.5 percent to 6.5 percent for 2027.

Balisacan acknowledged that the recent oil price shock stemming from the conflict in the Middle East has impacted the country's growth prospects, with the Philippines importing most of its fuel. He noted that this unforeseen development, combined with ongoing recovery from last year's infrastructure issues, poses significant challenges to the country's economic performance.

Balisacan emphasized that the government is working to prevent a significant slowdown in the economy due to the oil price shock. He mentioned efforts to protect the most vulnerable sectors through financial support, stressing the importance of a swift recovery once the shock subsides.