Philippine economic growth is likely to exceed the government target range this year given the performance so far, Socioeconomic Planning Secretary Arsenio Balisacan said Monday.
, with the year-to-date average already exceeding the target range of 6.5% to 7.5%.“I think given the indications that we are seeing in the fourth quarter, it’s likely that we are going to exceed,” he told reporters in a briefing in Pasig City.
“We expect that to continue in the near term, next year, but as I said earlier, moving forward into the medium term, we need to expand and diversify sources of growth,” he said. It also seeks to lower the unemployment rate to between 4.0% to 5.0% by then from 8.0% in 2021, and bring down inflation down to the 2.0% to 4.0% target range from the 5.4% year-to-date average inflation in October
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