Philippine News Agency
ADB cuts PH inflation outlook for ’24, maintains GDP projection
The Asian Development Bank (ADB) has lowered its inflation forecast for the Philippines to 3.3 percent for 2024, down from 3.6 percent.
This downward revision is attributed to the government's move to reduce tariffs on imported rice, which helped tame food prices.
Food inflation averaged 4.6 percent in the first 11 months of the year, with inflation last month at 3.5 percent.
The revised inflation forecast is expected to remain within the Bangko Sentral ng Pilipinas' target range of 2.0 percent to 4.0 percent.
ADB maintained its gross domestic product (GDP) growth projection for the Philippines at 6 percent for 2024 and 6.2 percent for 2025.
Moderating inflation and monetary policy easing are expected to support this growth, driven by the services sector, construction, and manufacturing.
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