The International Monetary Fund (IMF) has adjusted its growth forecast for the Philippines, now projecting a 6% GDP increase for this year, slightly down from the previous 6.2% estimate in April. This revision follows a slower-than-expected economic performance in the first quarter. Despite this, the outlook remains within the government’s target range of 6-7%. IMF Mission Chief Elif Arbatli Saxegaard highlighted that the economy is still expected to rebound strongly through 2024 and 2025, supported by robust consumer demand, higher investments, and a recovery in exports. The forecast for 2025 remains at a 6.2% growth rate. Additionally, the IMF anticipates a decline in inflation to 3.4% this year, aided by lower food price inflation from reduced rice import tariffs. Saxegaard emphasised the Philippines’ continued solid performance despite external pressures and noted potential long-term growth benefits from improved business conditions and foreign investment incentives.