‘Philippines must aim for 8% growth’

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January 18, 2026 | 12:00am

MANILA, Philippines — The Philippines should aim for sustained annual growth of eight percent or higher to be able to reach its full potential and see transformative progress, according to the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc.

FFCCCII president Victor Lim said the Philippines should target and seek to achieve a sustained annual growth of eight percent and beyond as its minimum ambition.

“The goal of eight percent remains the ideal benchmark of transformative progress, because a steadfast and collective drive toward eight percent is the critical, immediate step that will change our momentum and define this decade,” he said.

While the government recently lowered its growth targets for this year and the next, he said these should not represent the limit of the country’s economic ambition.

Earlier this month, Department of Economy, Planning and Development Secretary Arsenio Balisacan said that the government revised its growth targets for this year and the next amid global and domestic challenges, including governance issues in food control projects.

He said this year’s gross domestic product growth target was lowered to five to six percent, down from six to seven percent, previously.

For next year, the growth target was adjusted to 5.5 to 6.5 percent, also lower than the previous six to seven percent growth goal.

As for 2028, the government’s growth target was maintained at six to seven percent.

While FFCCCII supports the government’s focus on inclusive growth as reflected in the 2026 budget priorities for health, education and job creation, it emphasized the importance of a faster, larger and more robust economic expansion to improve inclusivity.

Lim said the revised growth forecasts must serve as a catalyst for the country to step up.

He said the government, business, labor and civil society should work together to move the economy to a higher growth path by8 doubling down on education and public health.

He also cited the need to address corruption through systemic institutional reforms.

“We vigorously renew our call for creating an independent, powerful and well-resourced anti-corruption agency to restore domestic and international confidence,” he said.

FFCCCII also emphasized the need to strengthen domestic manufacturing and agro-industrial development through strategic incentives and sustained action against rampant smuggling, high costs and unfair import competition.