Philippines has lowered its growth target range for this year and is slightly less optimistic about next year’s outlook due to high inflation and an expected slowdown in the global economy, Philippine Economic Planning Secretary Arsenio Balisacan said on Thursday.
Arsenio Balisacan told a press briefing that the Philippines expects the economy to grow between 6.0% and 7.0% in 2024, down from 6.5%-7.5% last December, and the target range for next year has been narrowed to 6.5%-7.5% from 6.5%-8%.
The growth forecast of 6.5-8.0% for 2026-2028 was left unchanged.
The government also raised the budget deficit ceilings for 2024-2028 to provide more flexibility to finance the infrastructure programme.
Exchange rate assumptions for this year were lowered to 55-57 pesos per dollar, while those for 2025-2028 were maintained at 55-58 pesos.
