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The International Monetary Fund trimmed its 2024 economic growth forecast for the Philippines to 6 percent from 6.2 percent it announced in April.
The IMF listed the downside risks to the growth outlook as geoeconomic fragmentation, high interest rates and climate-related shocks, while efforts to attract foreign direct investment, promote business-friendly reforms and enhance competitiveness could raise the economy’s long-term growth potential.
Risks to inflation remain to the upside, stemming from geopolitical tensions and recurrent commodity price volatility. It expects the current account deficit to narrow from 2.6 percent of GDP in 2023 to 2.1 percent in 2024 mainly due to a rise in goods exports and tourism and reserves remain robust at $102.7 billion in April 2024.
“It will be important to ensure that social protection programs, universal health care coverage and higher education outlays are appropriately enhanced. Revenue mobilization remains critical to sustain a credible medium-term fiscal consolidation strategy, rebuild buffers, and create space for poverty reduction efforts. Tax administration improvements should be supplemented with tax policy changes, notably to improve the efficiency of value-added tax and broaden the tax base,” it said.
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