Louchell, a 25-year-old market vendor transacts with a customer inside the Pasig City Mega Market on July 5, 2022. After the Philippine Statistics Authority released its report showing the inflation rate hit 6.1 percent in June, president Ferdinand Marcos Jr. disagreed and said that much of the country’s inflation rate was “imported”. George Calvelo, ABS-CBN News

Pasig market

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171807135191720220705-cooking-oil-pasig-market-GC-3.jpg" style="width:950px" class="fr-fic fr-dib" alt="A vendor transacts with a customer inside the Pasig City Mega Market on July 5, 2022. George Calvelo, ABS-CBN News"/><span class="fr-inner" style="text-align:left"><strong id="isPasted"></strong>A vendor transacts with a customer inside the Pasig City Mega Market on July 5, 2022. <em>George Calvelo, ABS-CBN News</em><strong></strong></span></span></span></div><div><strong></strong></div><p>MANILA -- The International Monetary Fund (IMF) has lowered its growth forecast for the Philippines amid weaker-than-expected household consumption and investments.</p><p>The IMF now expects the Philippine economy to grow by 6 percent in 2024--lower than its 6.2 percent forecast as of April.</p><div><span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The government sees the economy expanding </span><a href="https://news.abs-cbn.com/business/2024/4/4/philippine-gov-t-lowers-economic-growth-target-1928" style="color:rgb(199, 29, 29);text-decoration:none;letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal"></a><span style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial"><a href="https://news.abs-cbn.com/business/2024/4/4/philippine-gov-t-lowers-economic-growth-target-1928" style="color:rgb(199, 29, 29);text-decoration:none"></a><a href="https://news.abs-cbn.com/business/2024/4/4/philippine-gov-t-lowers-economic-growth-target-1928" style="color:rgb(199, 29, 29);text-decoration:none">6 to 7 percent</a></span><span style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial"> for the entire 2024.</span></div><div><span style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial"><a href="https://news.abs-cbn.com/business/2024/5/9/philippine-gdp-grows-5-7-percent-in-first-quarter-of-2024-834">Philippine GDP grows 5.7 percent in first quarter of 2024</a></span></div><p>The IMF also maintained its 2025 growth forecast of 6.2 percent, citing a possible pickup in domestic demand, investment, and consumption.</p><p>Inflation, meanwhile, is seen to fall further to 3.4 percent this year. </p><p>While prices are expected to settle within the government&#x27;s 2 to 4 percent target range, the IMF still recommended maintaining a &quot;sufficiently restrictive&quot; monetary policy stance. </p><p>The Bangko Sentral kept interest rates <a href="https://news.abs-cbn.com/business/2024/5/16/bsp-again-keeps-interest-rates-steady-amid-inflation-risks-1304">steady</a> at 17-year highs of 6.5 percent in its May meeting, after a series of rate hikes last year to tame stubborn inflation.</p><div><a href="https://news.abs-cbn.com/business/2024/6/4/world-bank-retains-5-8-percent-2024-ph-economic-growth-forecast-1517">World Bank retains 5.8 pct Philippine economic growth forecast</a></div><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/ikF8i4HpaLQ?&amp;t=139s&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

IMF sees PH economy growing 6 percent in 2024 | ABS-CBN

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IMF sees PH economy growing 6 percent in 2024

IMF sees PH economy growing 6 percent in 2024

ABS-CBN News

Published Jun 11, 2024 10:45 AM PHT

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Updated Jul 30, 2024 02:28 PM PHT

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