The Marcos administration’s economic managers are set to meet next month to review the country’s growth and fiscal targets, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said Wednesday.

“Our practice is to conduct this review as soon as we have the economic performance report, which will be released next week,” Balisacan said on the sidelines of the 2026 National Innovation Day in Manila.

The Philippine Statistics Authority (PSA) is set to release first-quarter economic growth data on May 7. Balisacan said the Development Budget Coordination Committee (DBCC) will likely convene about a week after the data release.

The DBCC previously set a growth target of 5 percent to 6 percent for this year and 5.5 percent to 6.5 percent for 2027.

However, Balisacan acknowledged that the recent oil price shock stemming from the conflict in the Middle East has weighed on the country’s growth prospects, noting that the Philippines imports most of its fuel.

“Given this unforeseen development, as we are still recovering from last year’s infrastructure issues, we have been hit again by an even more serious challenge. It is therefore understandable that we cannot expect stronger performance than in previous quarters given this shock,” he said.

“Everyone is aware of the situation in the Middle East. No country has been spared, although some are worse off than others depending on their exposure to the conflict,” he added.

Balisacan said the government is working to ensure that the economy does not slow significantly due to the oil price shock, while also protecting the most vulnerable sectors through financial support.

“But the most important thing is that we recover as soon as this shock passes,” he said. (PNA)