MANILA, April 25 (Xinhua): The Philippine government's economic team has retained the gross domestic product (GDP) growth forecast at 6 to 7 percent this year, but hiked the inflation target to between 5 and 7 per cent.
"We maintained our growth targets at 6.0 to 7.0 per cent for 2023 and 6.5 to 8.0 per cent for 2024 to 2028 in consideration of the risks posed by geopolitical and trade tensions, possible global economic slowdown, as well as weather disturbances in the country," Philippine Budget Secretary Amenah Pangandaman told a press conference.
She added that the average inflation rate assumption this year is increased to 5.0 to 7.0 percent from the previous assumption of 2.5 to 4.5 per cent, "given the persisting high prices of food, energy and transport costs."
Nevertheless, Pangandaman said the government is committed to pursuing an "all-of-government approach" to continuously implement immediate and medium-term strategies to alleviate inflation and ensure food and energy security.
The government's strategies will focus on modernizing agriculture, expanding agri-business, encouraging private sector participation in infrastructure development, promoting digital transformation, and enhancing the competitiveness of local industries, among others.
The Asian Development Bank projected the Philippine economy will grow by 6.0 per cent this year, climbing further by 6.2 per cent in 2024.
The Manila-based bank said the Philippine economic growth is expected to remain in a healthy expansion mode, underpinned by rising domestic demand and service recovery. - XInhua
