Biz chamber urges PHL to aspire for 8% annual growth rate

THE Philippines needs to aim for at least 8% annual growth rate to ensure that any economic expansion is sufficiently inclusive, the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said.

FFCCCII President Victor R. Lim said that while the recent revision of growth projections shows the administration’s “acknowledgement of real headwinds,” the government should choose ambition over accommodation.

“We noted the cited causes — the corrosive aftermath of the flood control corruption scandal and its dampening effect on confidence as well as global trade uncertainties,” he said in a statement on Thursday.

“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,” he added.

He said the Philippines should seek to achieve a sustained annual growth of 8% and beyond, after neighbor Vietnam posted 8% growth in 2025.

“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,” he added.

He said that as the Philippines recalibrates growth targets downward, Vietnam aims for 10% growth this 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,” he said.

“The lingering shadow of a massive corruption scandal must be dispelled not by lowered expectations, but by demonstrably higher standards of governance and performance,” he added.

The revised forecast, he said, signals the need to implement urgent reforms that will focus on six areas: human investment, anti-corruption, industrial and agricultural renaissance, foreign policy, infrastructure, and tourism and creative sectors.

In particular, Mr. Lim said that the Philippines should double down on education and public health.

“We support the budget focus but urge a shift from input-based to outcome-based spending, ensuring every peso spent truly builds a healthier, smarter, and more competitive workforce,” he said.

He also cited the need for an institutional anti-corruption overhaul following the public works scandal.

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

He also proposed support for domestic manufacturing and agro-industrial development, including strategic incentives as well as serious and sustained action against smuggling, high costs, and unfair import competition.

“We must create jobs here, add value here, and feed our nation with our own produce,” he added.

Meanwhile, he said the Philippines should pursue an independent, balanced foreign policy that ensures its national interests are protected while fostering stable relations and opening markets for Philippine goods and services.

He said that the Philippines should launch a national strategy for digital transformation, research and development, and green technology, while continuing critical infrastructure with renewed transparency and efficiency.

He called for a national tourism strategy that leverages cultural and natural assets while creating millions of jobs.

“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,” he said.

“It represents the threshold where growth begins to meaningfully transform lives and reshape our national destiny,” he added. — Justine Irish D. Tabile