Makati City: Addressing risks and reinforcing economic resilience remain the government's top priorities to ensure that the country is on the path to sustainable development, Department of Economy, Planning, and Development Secretary Arsenio Balisacan said.
According to Philippines News Agency, in his speech at the High-Level Conference of Middle-Income Countries in Makati City, Balisacan stated that while the Philippines is one of the fastest-growing among emerging and middle-income economies, the government is aware of uncertainties in the global economy. He indicated that the country is well-positioned to achieve upper-middle-income status by 2026, given there are no major external shocks and assuming a favorable global trade environment.
Balisacan emphasized the importance of addressing the uncertainties that confront the global economy, which include systemic risks in economic institutions, technological disruption, and environmental challenges. To sustain and accelerate progress, he stressed the need to mainstream efficient green transitions, foster resilience, and harness innovation as new frontiers for growth.
He outlined that the Philippines aims to achieve these goals through targeted investments, strengthened national institutions, workforce upskilling and reskilling, climate and biodiversity resilience integration, and the revitalization of partnerships, particularly through South-South and technical cooperation. Balisacan also highlighted the necessity of ensuring that development benefits reach all segments of society.
Last year, the Philippine economy grew by 5.7 percent. The Development Budget Coordination Committee (DBCC) earlier set a 6 percent to 8 percent economic growth target for 2025 and 2026. In a separate interview, DBCC Chair and Budget Secretary Amenah Pangandaman mentioned that there are currently no major revisions to the growth outlook this year, despite the potential impact of higher US tariffs. According to data, the impact of these tariffs on the Philippine economy is less than one percent. Pangandaman expressed hope that the first quarter of Philippine economic growth data, to be released next week, would exceed expectations.
