President Ferdinand Marcos Jr. is optimistic that the Philippines can achieve economic growth of up to 8 percent gross domestic product (GDP) by the end of his term in 2028.
“We always plan for the ideal. We don’t plan for a mediocre result. We plan for a very good result. We just have to adjust along the way as we continue to transform the economy,” Mr. Marcos said in an interview with Bloomberg TV.
He added that he also believed the country could achieve its target GDP of 6.5 percent to 7.5 percent this year.
“I think so. Much of the policies that we’ve taken on are really to spur growth. That’s the most important part, because it is only growth that will pull us out of this morass that was left after the pandemic,” he said.
Socioeconomic Planning Secretary Arsenio Balisacan earlier said the country should grow beyond its target growth band to catch up with its “more prosperous neighbors.”
READ: Marcos admin misses 2023 target with 5.6% GDP growth
The Philippine economy grew by 5.6 percent last year, better than some of its Asian neighbors like China, Vietnam, and Malaysia.
The country’s economy last year was valued at over P24 trillion, or $400 billion. —JULIE M. AURELIO