Philippines' 2024 growth target revised to 6%-6.5% from 6%-7%: DBCC
6 percent to 7 percent, the Development Budget Coordinating Committee (DBCC) said Monday.
The revision was done ''to reflect emerging domestic and global developments,'' a DBCC statement said.
Third quarter growth came in at 5.2 percent, the lowest in a year, which placed nine-month average at 5.8%.
The DBCC said it expects growth ''to bounce back during the last quarter, given the anticipated increase in holiday spending, continued disaster recovery efforts, low inflation and a robust labor market.''
Six typhoons battered the Philippines in the third quarter and part of the fourth quarter, zeroing mostly in the north.
Inflation was set at 3.1 percent to 3.3 percent for the year from June's forecast of 3 percent to 4 percent.
The DBCC said this is ''significantly lower'' than the 2023 average of six percent.
The new inflation forecast '' is supported by whole-of-government efforts such as the reduction in rice import tariffs, increased agricultural production and other broad-based measures along with favorable supply conditions.'' DMS
