Watch the highlights of AMRO’s 2023 Annual Consultation Report on the Philippines.

After a high of 7.6% in 2022, the Philippines’ economic growth is forecasted to moderate to 5.6% in 2023 and pick up to 6.3% in 2024 as external demand recovers. Headline inflation is expected to rise from 5.8% in 2022 to 6.0% in 2023 and moderate to 3.6% in 2024.

Amid high inflation, economic slowdown in major trading partners and volatility in the global financial markets, fiscal policy should strike a balance between restoring buffer and supporting sustainable growth. Macroprudential tools can also be used to address potential financial stability issues.

Learn more from AMRO’s 2023 Annual Consultation Report on the Philippines.