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People buy vegetables, and other essentials for their daily consumption at the Commonwealth Market in Quezon City on August 20, 2024. Maria Tan, ABS-CBN News

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ECONOMY-FOOD

Benise Balaoing

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:456px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/172722906711820240820-commonwealth-market-MT-9.jpg" style="width:900px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);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:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">People buy vegetables, and other essentials for their daily consumption at the Commonwealth Market in Quezon City on August 20, 2024. Maria Tan, ABS-CBN News</span></span></span></span></div><p>MANILA -- The Asian Development Bank (ADB) on Wednesday said it expects inflation in the Philippines to slow down as it kept its growth forecast for the country.</p><p>In its Asian Development Outlook for September 2024, the ADB said it sees inflation in the Philippines slowing to 3.6 percent in 2024, from its April estimate of 3.8 percent.</p><p>The ADB said this reflects the sustained slowing down of increases in food prices, partly due to <a href="https://news.abs-cbn.com/business/2024/9/24/rice-down-by-as-much-as-p7-a-kilo-by-jan-agri-dept-1452" rel="noopener noreferrer" target="_blank">lower tariffs</a> on imported rice. </p><p>Inflation is expected to ease further to 3.2 percent in 2025 compared to the earlier estimate of 3.4 percent, the ADB said. </p><p>Philippine inflation slowed to 3.3 percent in August.</p><div><a href="https://news.abs-cbn.com/business/2024/9/2/inflation-eases-to-3-3-pct-in-august-1704" rel="noopener noreferrer" target="_blank">Inflation eases to 3.3 percent in August</a></div><p>The ADB said moderating inflation, <span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">monetary easing, and sustained government spending on major infrastructure projects will support economic growth this year and in 2025. The ADB said it still sees the economy growing by 6 percent in 2024, and 6.2 percent next year.</span></p><div><span id="isPasted"><a href="https://news.abs-cbn.com/business/2024/7/17/adb-keeps-ph-growth-forecast-at-6-percent-918" rel="noopener noreferrer" target="_blank">ADB keeps Philippine growth forecast at 6 percent</a></span></div><div><span id="isPasted">Gross domestic product will also expand because of broad-based domestic demand, the ADB said.</span></div><div><span id="isPasted">The Philippine economy grew by 6.3 percent in the second quarter amid a </span><a href="https://news.abs-cbn.com/business/2024/8/8/philippine-gdp-grows-6-3-percent-in-2nd-quarter-926" target="_blank" rel="noopener noreferrer"></a><span id="isPasted"><a href="https://news.abs-cbn.com/business/2024/8/8/philippine-gdp-grows-6-3-percent-in-2nd-quarter-926" rel="noopener noreferrer" target="_blank">construction boom</a></span><span id="isPasted">.</span></div><p>“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,” said ADB Philippines Country Director Pavit Ramachandran.</p><p>The multilateral lender, however, warned that severe weather can drive inflation higher.</p><p>It also noted that a sharper slowdown in major advanced economies and China, financial volatility due to <a href="https://news.abs-cbn.com/business/2024/9/18/us-fed-makes-aggressive-rate-cut-weeks-before-election-633" rel="noopener noreferrer" target="_blank">US monetary policy decisions</a>, geopolitical tensions, and rising global commodity prices may alos threaten economic growth.</p><p>Meanwhile, the ADB <span data-teams="true" id="isPasted"><span dir="ltr">slightly raised its 2024 economic growth forecast for Asia to 5 percent this year, up from 4.9 percent projected in April.</span></span></p><p>The multilateral lender said surging global investments in artificial intelligence and easing inflation give developing Asia a launch pad for sustained economic growth in 2024 and 2025.</p><p>The bank also lowered its inflation forecast for the region this year to 2.8 percent, from 3.2 percent in April, as food prices bottom out more slowly than expected in China.</p><p>--with reports from Agence France-Presse</p><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/gtroJ7VR2jw?&amp;ab_channel=ANC24%2F7autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The ADB expects inflation in the Philippines to slow down as it kept its growth forecast for the country.</p>

The ADB expects inflation in the Philippines to slow down as it kept its growth forecast for the country.

ADB lowers PH inflation expectations as it keeps growth forecast

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ADB lowers PH inflation expectations as it keeps growth forecast

Benise Balaoing,

ABS-CBN News

Published Sep 25, 2024 09:58 AM PHT

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Asian Development Bank

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Philippines growth outlook

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