Philippines cuts 2023 economic growth target

The Philippine economy is now expected to grow 6% to 7% next year, lower than the previous official goal of 6.5% to 8%. The inter-agency Development Budget Coordination Committee (DBCC) lowered its economic growth target for 2023. Finance Secretary Benjamin Diokno said the global slowdown is the reason the adjustment. The government also revised its foreign exchange rate assumptions. It expects the peso to trade against the US dollar at 54-55 in 2022 compared with the previous assumption of 51-53; at 55-59 in 2023; and at 53-57 in 2024, compared with the previous forecast of 51-55 for 2023 onwards. The Bangko Sentral ng Pilipinas, the country's central bank, will likely hike rates at its December 15 meeting by either 25 or 50 basis points.