MANILA - The Philippines on Wednesday lowered its GDP growth target for this year to 6-7 percent, instead of 7-8 percent, citing the impact of a delay in the approval from the legislature for this year's budget.
The government also raised its inflation target for this year, to 3-4 percent instead of a 2-4 percent range.
The growth target for next year has also been trimmed, to 6.5-7.5 percent rather than 7-8 percent.
The GDP growth targets for 2021-2022 remain at 7.0-8.0 percent, the government's Development Budget Coordination Committee said.
Earlier on Wednesday, Socioeconomic Planning Secretary Ernesto Pernia said the economy may grow by as little as 4.2-4.9 percent this year if a delay in full approval of the budget continues.