MANILA, Philippines — The Philippine economy continues to grow robustly but is facing new challenges, the International Monetary Fund said. “The Philippines economy continues to do well but is facing new challenges from rising inflation and a less benign external environment, in addition to persistent poverty and inequality,” the IMF said in a report. In the first half of 2018, the economy grew 6.3 percent, well below the government’s 7-8 percent goal for this year until 2022. In its report, the IMF forecasts the economy to expand 6.5 percent this year and 6.7 percent in 2019, buoyed by bullish domestic demand. Early this week, Manila-based Asian Development Bank slashed its growth outlook on the Philippine economy amid elevated inflation, lackluster exports growth and “moderation” in agriculture.

Source: Philippine Star September 28, 2018 08:48 UTC