MANILA, Dec. 2 (Xinhua) -- The Philippine government's economic team on Monday revised the 2024 gross domestic product (GDP) target range to 6 to 6.5 percent from an earlier forecast of 6 to 7 percent to account for the "more uncertain" economic environment at home and abroad.
"In particular, we expect the Philippine economy to bounce back during the last quarter, given the anticipated increase in holiday spending, continued disaster recovery efforts, low inflation, and a robust labor market," the Development Budget Coordination Committee (DBCC) said in a joint statement.
Meanwhile, the economic managers widened the GDP target band for 2025 to range between 6 and 8 percent from the previous range of 6.5 to 7.5 percent.
"With strong capital formation and accelerated government spending, the Philippine economy expanded by 5.8 percent for the first three quarters of the year and remains among the fastest-growing economies in Asia," the DBCC said.
The team also adjusted its inflation forecast this year to range between 3.1 to 3.3 percent, from an earlier forecast of 3 to 4 percent.
"We are determined to maintain price stability by keeping inflation low and stable amid easing monetary conditions, improving labor market conditions, and productivity-enhancing structural reforms," the DBCC said. ■