MANILA - The Development Budget Coordination Committee on Tuesday said it has lowered its growth forecast for the economy to 6 to 7 percent, from an earlier projection of 6.5 to 7.5 percent.
The cabinet-level body of economic managers said the lower forecast takes into consideration the arrival of COVID-19 variants as well as the reimposition of stricter quarantine measures.
This was the latest revision in the DBCC's forecast, which last year projected an 8 to 10 percent growth rate for 2021.
Socioeconomic Planning Secretary Karl Chua earlier said the country still had time to achieve the government's 6.5 to 7.5 percent growth target.
The Asian Development Bank meanwhile sees the Philippines growing
at least 4.5 percent this year and 5.5 percent in 2022.
The Philippines remained in recession in the first quarter, with the economy shrinking 4.2 percent.
The economy contracted at a record 9.6 percent last year, its worst performance since the end of World War 2.
- With a report from Warren de Guzman, ABS-CBN News