ADB’s latest growth forecasts on the Philippine economy were lower than its previous estimates of 6.8 percent for this year and 6.9 percent next. Philippine policymakers have been concerned about spiralling inflation, which rose to a nine-year high of 6.4 percent in August. Some analysts expect economic growth to continue to decelerate over the second semester of the year as tighter monetary policy and higher inflation weigh on consumer spending, which accounts for about seven-tenths of the Philippine economy. “The Philippines’ growth outlook remains stable despite moderating slightly in the first half of the year, as the country’s economic fundamentals are strong,” said Kelly Bird, ADB country director for the Philippines. “We’re expecting growth to slowly pick up as public investment in infrastructure and social sectors accelerate and key economic sectors continue to perform solidly,” Bird added.

Source: Philippine Star September 26, 2018 01:30 UTC