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The International Monetary Fund has trimmed its Philippine economic growth forecasts for this year and the next, indicating that the country may not be able to meet its targets due to weaker-than-expected private consumption.According to the IMF, it now expects the Philippine economy to expand by 5.8% this year, slower than the 6.0% projection made in its July World Economic Outlook Report.
The government is set to release September inflation figures on Friday, October 4.Inflation is expected to average 3.3% this year, within the central bank’s target range of 2.0% to 4.0%, before decelerating further to 3.0% in 2025.With the inflation expectations returning towards target, Saxegaard said a continued gradual reduction of the policy rate is appropriate.
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