ADB maintains Philippines' growth forecast at 6% for 2024, 6.2% for 2025

On September 25, 2024, the Asian Development Bank (ADB) maintained its economic growth forecast for the Philippines at 6% this year and 6.2% next year, citing moderating inflation and monetary easing as key factors.

The ADB projects that Philippine GDP will grow by 6% in 2024 and 6.2% in 2025, supported by lower inflation rates of 3.6% this year and 3.2% next year, alongside ongoing infrastructure investments.

ADB Country Director Pavit Ramachandran highlighted that the Philippines has a favorable economic environment with rising government revenues, increased employment, and reforms to attract more investments.

President Marcos Jr.'s Executive Order reducing rice import tariffs from 35% to 15% until 2028 is expected to contribute to lower food prices and inflation.

The ADB anticipates further monetary policy easing as inflation continues to moderate, with sustained investment in infrastructure projected to boost economic growth.