MANILA :The Philippines revised its growth target for this year to 5.5 per cent to 6.5 per cent, down from 6.0 per cent to 8.0 per cent, the budget secretary said on Thursday.
The growth targets for 2026 to 2028 were narrowed to 6.0 per cent to 7.0 per cent from a previous range of 6.0 per cent to 8.0 per cent, Amenah Pangandaman told a press conference.
The government’s economic committee trimmed its assumption for inflation this year to 2 per cent to 3 per cent, from 2 per cent to 4 per cent, and maintained its outlook for 2026 to 2028 at 2 per cent to 4 per cent, Pangandaman said.
Gross domestic product grew by an annual 5.4 per cent in the first quarter of 2025, in line with the previous quarter’s 5.3 per cent growth.
Citing the need to support growth amid global uncertainties, the Bangko Sentral ng Pilipinas cut rates for a second meeting in a row on June 19 and left the door open for at least one more reduction this year.
Inflation has averaged 1.9 per cent in the first five months of the year, below the central bank’s 2 per cent to 4 per cent target range.
