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The Asian Development Bank maintained its growth forecast for the Philippines, citing lower inflation, monetary easing and sustained public spending on infrastructure.
The government expects the GDP growth to fall within a range of 6 percent to 7 percent this year and 6.5 percent to 7.5 percent next year. “Most of the ingredients for the Philippines’ sustained economic growth are in place—rising government revenues are boosting public expenditures on infrastructure and social services, increasing employment is driving consumption and reforms to open the economy to more investments are underway,” ADB Philippines country director Pavit Ramachandran said.
The government expects public infrastructure spending to range between 5 percent and 6 percent of GDP annually from 2024 to 2028, after hitting 5.8 percent of GDP in 2023.
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