At a press conference following the 185th inter-agency Development Budget Coordination Committee (DBCC) on Friday, Budget Secretary Amenah Pangandaman revealed that the economic managers decided to slash their inflation assumption for this year to 5% to 6% from their previous outlook of 5% to 7% announced in April.
The Marcos administration’s economic managers have lowered their inflation outlook for 2023, taking into account the four straight months of consistent decline in inflation so far this year.
The DBCC, chaired by the Budget chief, is composed of the secretaries of National Economic and Development Authority , Finance , as well as the governor of the Bangko Sentral ng Pilipinas . This is the fourth time that inflation dipped from a peak of 8.7% in January and its lowest since July 2022’s 6.4% rate.
The economic manager’s GDP outlook also considered the 6.4% growth seen in the first quarter of 2023, which outpaced the growth in other developing and emerging economies, such as Indonesia, China and Vietnam. “On the other hand, the performance of the economy in the first quarter is much more improved than what most of us anticipated but there are also the slug effects of previous actions to tame the inflation, such as high interest rates and those are expected to take their course for the rest of the year,” Balisacan said.
Higher borrowing costs could make consumers and businesses spend less, therefore reducing economic activity or lowering demand and eventually lowering prices.
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