MANILA, Philippines: The Development Budget Coordination Committee (DBCC) lowered the country's gross domestic product growth (GDP) target for 2024 to between 6 percent and 7 percent from the previous 6.5 percent and 7.5 percent, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan announced on Thursday.

At a Palace press conference, Balisacan said President Ferdinand Marcos Jr. approved the revised GDP growth target for 2024 during the 16th Cabinet Meeting in Malacañang.

Balisacan said the DBCC also revised the growth target for 2025 to between 6.5 percent and 7.5 percent.

The growth targets will sustain the country's position as one of the fastest-growing emerging economies in the Asia Pacific region, the NEDA chief said.

The Marcos administration remains steadfast in its commitment to sustaining the robust growth trajectory of the Philippines, he added.