7-8% GDP growth target not achievable in Duterte's term — NEDA chief

The initial GDP growth target of 7.0 to 8.0 percent is not achievable under the present administration's term or by 2022, according to the National Economic and Development Authority (NEDA).

In an interview in GMA News TV's "Bawal ang Pasaway" on Wednesday, NEDA Secretary Ernesto Pernia said: "It's achievable, but average for this administration's term, hindi natin ma-achieve na average 7.0 to 8.0 percent."

To recall, the GDP growth target for 2018 to 2022 was made by the Development Budget Coordination Committee (DBCC) when President Rodrigo Duterte's term began in 2016.

The country's economic growth dipped to 5.6% in the first quarter of 2019, the slowest in four years, based on the data released by the Philippine Statistics Authority (PSA) earlier this month.

This figure is lower than the 6.5% in the first quarter of 2018, and the 6.3% in the fourth quarter last year.

"2018 was a better year—overall, hindi lang sa economy, hindi lang sa macroeconomic indicators," Pernia said.

Despite missing the initial target, the NEDA chief said he still has high hopes on the materialization of the Philippine Development Plan 2017-2022.

"We are now doing a midterm update of the Philippine Development Plan. The midterm update will be more realistic," he said. — Dona Magsino/BAP, GMA News