S&P Global Ratings slashed its 2023 gross domestic product growth forecast for the Philippines to 5.2 percent from the original target of 5.9 percent due to the slowing world economy, the delayed effect of rate hikes delivered by the Bangko Sentral ng Pilipinas and the impact of El Niño.
STAR / Michael Varcas
“The Asia-Pacific remains a multi-speed region,” the economists said. The debt watcher lowered its GDP growth projection for the region to 4.3 percent from the previous forecast of 4.5 percent. The Philippines was the third fastest growing economy last year as its GDP growth accelerated to 7.6 percent behind Malaysia’s 8.7 percent and Vietnam’s eight percent.
S&P sees headline inflation in the Philippines hitting 5.8 percent this year before easing to 3.2 percent in 2024 and 2025. Inflation averaged 6.6 percent from January to August, well above the BSP’s two to four percent target range.
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