Marcos confident 8% GDP growth doable in his term

President Ferdinand "Bongbong" Marcos Jr. has expressed confidence that hitting an 8% gross domestic product (GDP) growth rate in the Philippines is doable under his term.

"Sure, why not? You know, we always plan for the idea, we don't plan for a mediocre result, we plan for a very good result and as I said, we just have to adjust along the way as we continue to transform the economy. I think it is doable," Marcos said in an interview on Bloomberg Television on Wednesday when asked if this rate is achievable under his term.

According to the President, much of the policies of his administration seek to spur growth for the country.

Marcos also admitted that the country is still battling inflation, noting that it is the Philippines' biggest problem.

''We're still battling inflation. Inflation is still our biggest problem. And when you, when you separate core inflation to inflation that involves agri product, for example, you can see that the core inflation, we're doing rather well in terms of controlling it. But again, these shocks that keep coming in,'' Marcos said.

Marcos also said that the Philippines is not yet ready when it comes to bringing down interest rates given the problem of inflation.

Earlier, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the Philippines needs to grow beyond its current growth trajectory of 6% to be able to catch up with its "more prosperous neighbors."

Balisacan said taking advantage of the Philippines' "demographic sweet spot" could enable the country to achieve its growth potential in the 7% to 8% range.

"And, if we do that, we don't get into the problem of overheating because of that potential. So, that's the economics there. That's why we are quite bullish about the economy because they have never been that bright spot compared to, say, 10 years ago," the NEDA chief said.

The Philippine economy was valued at over P24 trillion or over $400 billion in 2023. The economy as measured by gross domestic product grew by 5.6% in 2023.

According to World Economic Forum president Børg Brende, boosting investments in upskilling and right-skilling the Philippines' 110-million population would help further shore up the economy.

Brende had expressed optimism that the Philippine economy could grow to as much as $2 trillion in the next decade should the country continue its reforms to attract investments. — VDV, GMA Integrated News