Fiscal sustainability over growth in the Philippines?

PHILIPPINES - Report 05 Feb 2024 by Diwa Guinigundo

We were most disappointed that Socio-Economic Planning Secretary Arsenio Balisacan should explain that lower public spending in the last quarter of 2023, and in the same context, its flat growth rate for the whole year of 2023, was due to the government’s fiscal consolidation plan. The government’s chief economist was reacting to the failure of the economy to hit the growth target of 6-7% for 2023 based on the report of the Philippine Statistics Authority last January 31.

The fourth quarter outturn disappointed many analysts and forecasters when the growth at 5.6% fell short of the low end of the whole-year target or the third quarter performance of 6.0%. That level was nearly two percentage points lower than the minimum required for the whole year to hit 6.0%.

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