The recent revision and lowering of the nation’s economic growth targets for 2026 through 2028, as outlined by the government economic team, is a wake-up call and a sobering administrative acknowledgment of real headwinds, the Federation of Filipino of Filipino Chinese Chamber of Commerce and Industry (FFCCCII) said.
“We note the cited causes—the corrosive aftermath of the flood control corruption scandal and its dampening effect on confidence as well as global trade uncertainties. We must categorically reject the notion that these new targets—5% to 6% in 2026, scaling to 6% to 7% by 2028—should represent the limit of our national economic ambition,” said FFCCII President Victor Lim in a statement.
To meet fundamental moral and social imperatives, the Philippine economy must target and seek to achieve sustained annual growth reaching 8% and beyond. This is the minimum viable ambition for a nation of our potential.
The goal of 8% remains the ideal benchmark of transformative progress, because a steadfast and collective drive toward 8% is the critical, immediate step that will change our momentum and define this decade. The government’s focus on inclusive growth, as mentioned in the 2026 budget priorities for health, education, and job creation, is correct and commendable.
Secretary Balisacan is right: growth that benefits only a small section is growth betrayed. However, inclusivity cannot be an alternative to ambition; it must be the outcome of it. We cannot significantly improve” inclusivity on a sluggish and small economic base.
A faster, larger, and more robust Philippine economic expansion provides the essential resources and opportunities to ensure a “rising tide lifts all boats” not as a hope, but as a tangible reality,” the FFCCCII added, the stark comparator is our ASEAN neighbor, formerly war-ravaged Vietnam. While we recalibrate our economic growth targets downward, they surge upward, having achieved 8% growth in 2025 and aiming for 10% this new year.
Their success in attracting investment, boosting tourism, and raising per capita income underscores a critical truth: global capital and opportunity flow decisively to destinations perceived as dynamic, disciplined, efficient, reformist and relentlessly forward-moving. The lingering shadow of a massive corruption scandal must be dispelled not by lowered expectations, but by demonstrably higher standards of governance and performance. Therefore, the group said, u hi this revised growth forecast must serve as a catalyst for a whole-of-nation economic mobilization.
“We call for a partnership between Government, Business, Labor, and Civil Society that is not merely cooperative, but revolutionary in its intensity and focus,” the statement added.
The FFCCCII earnestly advocates for a bold, actionable reform agenda:
- Transformative Human Investment: Double down on education and public health as the bedrock of productivity.
We support the budget focus but urge a shift from input-based to outcome-based spending, ensuring every peso spent ruly builds a healthier, smarter, and more competitive workforce.
- Institutional Anti-Corruption Overhaul: The DPWH scandal is a symptom of a national malaise.
The cure is a systemic, institutional remedy. We vigorously renew our call for creating an independent, powerful, and well-resourced anti-corruption agency to restore domestic and international confidence.
- Industrial and Agricultural Renaissance: Champion domestic manufacturing and agro-industrial development through strategic incentives and serious, sustained action against rampant smuggling, high costs and unfair import competition. We must create jobs here, add value here, and feed our nation with our own produce.
- Strategic, Economics-First Diplomacy: Pursue an independent, balanced foreign policy that pragmatically secures our national interests, fosters stable relations, and actively opens markets for Philippine goods, services, and talent.
- Infrastructure and Innovation Leap: Continue critical infrastructure builds with renewed transparency and efficiency. Concurrently, launch a national strategy for digital transformation, research & development, and green technology to compete in the industries of the future.
- Unlocking Tourism and the Creative Economy: Execute a world-class, seamless national tourism strategy that leverages our unparalleled cultural and natural assets, creating millions of jobs and showcasing the best of the Philippines.
Despite the revised lower economic growth targets, the group acknowledged the favorable macroeconomic fundamentals—low inflation, prospective interest rate cuts—mentioned by the economic team. These are not reasons for comfort; they are the launchpad for acceleration.
Let us be clear: aiming for and achieving 8% growth is a realistic and necessary goal. It is a target within our grasp if we summon the collective will to reform, invest, and execute with unity and precision. It represents the threshold where growth begins to meaningfully transform lives and reshape our national destiny. The government’s revised targets are a snapshot of current momentum. “We must now change that momentum entirely. This is the decade we choose ambition over accommodation.
