BUSINESS

By Julito G. Rada

THE inter-agency Development Budget Coordinating Committee on Friday kept the 2023 gross domestic product growth forecast at 6 percent to 7 percent on continued resilience of the economy despite headwinds from both domestic and external fronts.

The DBCC is composed of the heads of the Department of Finance, Department of Budget and Management and the National Economic and Development Authority.

Budget Secretary Amenah Panganda- man, in a joint statement signed by the DBCC members, noted the 6.4-percent GDP growth in the first quarter, making the country one of the best-performing economies in the region. The growth was faster than those of Indonesia, Chi- na and Vietnam.

“We have maintained our growth assumptions at 6 to 7 percent for 2023 and 6.5 to 8 percent for 2024 to 2028, taking into account both domestic and external risks. These projections have already taken into account the risks posed by El Nino and other natural disasters, global trade tensions, and value chain disruptions, among other factors,” Pangandaman said.

DBCC expressed confidence the country could withstand these risks and achieve upper-middle income status in the next two years through the implementation of near- and medium-term strategies, such as ensuring timely and adequate importation, providing pre- emptive measures to address El Nino, strengthening biosecurity, enhancing agricultural productivity, and pushing for legislative reforms including the Livestock, Poultry, and Dairy Competitiveness and Development Act.

NEDA Secretary Arsenio Balisacan said he is confident of the economy’s continued resilience, as the robust domestic demand is the major source of growth.

“Our strategy is to strengthen it so it will not be affected much by external factors,” Balisacan said, adding the country’s macroeconomic fundamentals remained strong.

“Domestically, inflation is going