The Development Budget Coordination Commitee (DBCC) reduced the growth rate projections for 2023 to 6 to 7 percent from 6.5-8 percent, said National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan Monday.

The DBCC retained the 2022 growth target of 6.5-7.5 percent.

In his Twitter account, Balisacan said :''We scaled back the PH GDP growth... to take into account both domestic challenges and external headwinds, including global growth slowdown.''

''But at this level, the PH economy remains among the bright stars in Asia,'' he added.

It also raised the inflation goal for the year at 5.8 percent from 4.5-5.5 percent.

''The average inflation rate assumption for 2022 is slightly increased to 5.8 percent from the previous assumption of 4.5 to 5.5 percent given the persisting high prices of food and transport costs,'' DBCC said in a statement.

''Nonetheless, inflation is expected to moderate in the medium-term reaching 2.5 to 4.5 percent in 2023 before returning to the target range of 2.0 to 4.0 percent in 2024 until 2028,'' DBCC added.

The announcement came as the government will announce November inflation results on Tuesday. The Bangko Sentral ng Pilipinas forecast inflation for November to be in the range of 7.4 percent to 8.2 percent.

In October, inflation was reported at 7.7 percent, bringing the 10-month average to 5.4 percent. DMS