Shanties stand along the Pasig River in the Baseco Compound in Manila on August 10, 2023. The Philippine economy posted lower growth at 4.3 percent in the second quarter amid higher inflation and interest rates, according to the Philippine Statistics Office. Mark Demayo, ABS-CBN News

MANILA -- The ASEAN+3 Macroeconomic Research Office (AMRO) has cut its 2024 growth outlook for the Philippines.

In its latest economic outlook for the ASEAN+3 region, AMRO trimmed its forecast for the Philippines to 6.1 percent, from the 6.3 percent projection it earlier made in April.

It also expects inflation to reach 3.3 percent.

The Philippine economy grew 5.7 percent in the first quarter of 2024. 

The government is targeting the economy to expand by 6 to 7 percent for the whole year. 

Philippine GDP grows 5.7 percent in first quarter of 2024

Inflation, meanwhile, fell to 3.7 percent in June. Economic managers hope inflation will settle in the 2 to 4 percent target range.

For 2025, AMRO expects the country's economy to grow by 6.3 percent, down from its 6.5 percent estimate in April. It also expects inflation to cool to 3.1 percent. 6*6*

The research group meanwhile kept its 2024–25 growth forecasts for the ASEAN+3 region broadly unchanged at 4.4 percent and 4.3 percent, respectively. 

"Favorable export prospects should boost the region’s growth momentum, alongside firm domestic demand and the continued recovery in tourism," AMRO said. 

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