The International Monetary Fund (IMF) has downgraded its growth forecasts for the Philippines for 2022 and 2023 to reflect the impact of a global economic slowdown and tightening financial conditions. The IMF said the Philippine economic growth this year would hit 6.5%, weaker than its previous forecast of 6.7%, while growth next year seen at 5.0%, also slower than its earlier estimate of 6.3%. Cheng Hoon Lim, IMF mission head, said the growth outlook is subject to “significant downside risks.” She also said the Bangko Sentral ng Pilipinas’ continued near-term tightening was appropriate. The Philippine central bank has so far raised interest rates by a total 225 basis points, bringing its policy rate to 4.25%, to combat inflation.
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