“The Philippine economy has to grow by 6.6% in the second half of the year to achieve the lower end of the 6% to 7 % growth target for 2023,” Finance Secretary Benjamin Diokno told reporters. File photo
“While there are formidable external challenges, the prospect for achieving this lofty goal is largely in the hands of the current administration,” the Finance chief said.at 4.3% during the April to June period, lower than the 6.4% rate seen in the first three months of the year as consumption—a main economic driver—was tempered by elevated inflation and the consequent high interest rates.In particular, Government Final Consumption Expenditure shrank by 7.
To offset the underspending seen in the first half, Diokno said the government is preparing a spending catch up plan. Similarly, National Economic and Development Authority Secretary Arsenio Balisacan said the government “will accelerate the execution of government programs and projects, including the delivery of public services, under the 2023 national budget.”
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