MANILA, April 24 (Reuters) – The Philippines maintained its economic growth target for 2023 at 6.0% to 7.0%, a government inter-agency panel said on Monday, citing momentum from increased domestic demand and better labour conditions.
The economy is seen to grow 6.5% to 8.0% for 2024 to 2028, the inter-agency panel known as the Development Budget Coordination Committee (DBCC) announced in a news conference.
The DBCC said it took into consideration the risks posed by geopolitical and trade tensions, a possible global economic slowdown, as well as weather disturbances in the country.
It also expected inflation to register at 5% to 7% this year, returning to within the government’s 2% to 4% target by the fourth quarter, saying it was committed to taking proactive measures to bring inflation down.
Inflation slowed for a second straight month in March to 7.6%.
The DBCC expected the peso to move between 53 and 57 to the dollar this year.
(Reporting by Neil Jerome Morales; Editing by Martin Petty)
This article originally appeared on reuters.com