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Philippines economic managers retain GDP forecast

The Philippine economy is forecasted to maintain its growth despite potential domestic and external risks, according to Budget and Management Secretary Amenah Pangandaman. Economic managers have retained the country's growth projections of 6.0-7.0% for 2023 and 6.5-8.0% for 2024 to 2028, considering various risks such as natural disasters, global trade tensions, and supply chain disruptions. Amidst these challenges, the inter-agency Development Budget Coordination Committee (DBCC) remains confident about the country achieving upper-middle-income status within the next two years through strategic measures. The economy expanded by 6.4% in Q1 2023, surpassing other developing nations. However, Balisacan highlighted that previous efforts to control inflation might impact economic growth for the rest of the year.

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