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Philippines' Marcos eyes economic growth of up to 8.0% during six-year term, says finance minister

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The Philippines hopes to keep its place among Asia's fastest-growing nations.

Announcing the new administration's medium-term fiscal and growth targets, Benjamin Diokno said this year's goal of 6.5% to 7.5% growth was a"conservative" range.From 2023 to 2028, the Marcos administration is eyeing 6.5% to 8.0% growth, Diokno said, above the previous administration's 6.0% to 7.0% range.

The economy was starting to pick up as COVID-19 restrictions eased following a long period of lockdown, but the outlook has since been clouded by soaring inflation and its threat to dampen consumer demand, a major driver of Philippine growth. His successor Felipe Medalla on Wednesday said the central bank may raise interest rates by an additional 100 basis points this year to tame price pressures.

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