The Philippine economy faces the mounting risk of falling short of official state growth targets this year, the Makati Business Club warned.
Speaking on economic outlooks, Makati Business Club Chairman Edgar Chua cautioned that overall expansion could undershoot the Development Budget Coordination Committee projection range of 3.5 to 4.5 percent.
Asked if performance might lag behind government expectations, Chua remarked, “It could be,” while adding a caveat: “We hope that DBCC is correct. We all want—who does not want a higher growth?”
Instead of focusing solely on near-term figures, Chua stressed that the country’s ultimate metric of success must be sustained structural prosperity. To make meaningful inroads against poverty and permanently elevate living standards, the Philippine economy requires a continuous expansion rate of at least 7 percent over the long haul.
To jumpstart immediate economic momentum, the Makati Business Club urged the administration to aggressively plug government underspending gaps, particularly within critical infrastructure pipelines, while ensuring stringent fiscal accountability.
Securing enduring investor confidence will ultimately hinge on structural governance overhauls, according to the business leader. Chua reiterated the urgent imperative to pass a Freedom of Information measure, overhaul rigid bank secrecy laws, and enact a genuine anti-political dynasty framework.
“The chance of this administration is to bring back confidence,” Chua said, emphasizing that pairing transparent legislative reforms with predictable regulatory execution remains vital to driving national competitiveness.
