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ADB keeps PHL growth forecasts unchanged
The Asian Development Bank (ADB) has maintained its economic growth forecast for the Philippines at 6 percent for 2024.
The ADB anticipates that decreasing inflation and potential monetary easing in the latter half of the year will bolster household consumption and investment.
For 2025, the ADB projects the Philippine economy to grow by 6.2 percent.
The inflation rate is expected to be 3.8 percent in 2024 and 3.4 percent in 2025, with inflation having already eased to 3.7 percent in June.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona indicated that the central bank might cut its key policy rates as early as August, given the shifting risks towards lower inflation.
The Philippine economy expanded by 5.7 percent in the first quarter of 2024, largely driven by a 4.6 percent increase in household spending.
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The ASEAN+3 Macroeconomic Research Office (AMRO) has lowered its Philippine economic growth forecast to 6.1% for 2024 and 6.3% for 2025, citing a weaker-than-expected external sector recovery.
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The International Monetary Fund (IMF) maintained its six percent economic growth forecast for the Philippines in 2024 and 6.2 percent for 2025.
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The Philippine economy has demonstrated an average growth of 6.1% since President Ferdinand R. Marcos Jr. assumed office in 2022.
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