The last full-year growth under President Duterte is targeted to settle at 6-7% in 2021, slightly slower than the 6.5-7.5% seen last December. By next year, the middle of which would see a new government take office, the growth target is set at 7-9%, also down from an ambitious 8-10%. The economy would need to muster that growth while possibly see-sawing over lockdowns throughout the year when new spikes are recorded. Meanwhile, apart from GDP, economic managers revised as well the rest of their macroeconomic assumptions and spending plans. Changes are reflected on tables below:2021 macroeconomic assumptionsIndicator December DBCC meeting May DBCC meeting GDP growth/ (contraction) (%) 6.5-7.5 6-7 Inflation (%) 2-4 2-4 Dubai crude ($/barrel) 35-50 50-70 Peso-dollar exchange rate 48-53 48-53 Goods export growth (%) 5 8 Goods import growth (%) 8 122022 and 2023 assumptionsIndicator 2022 2023 GDP growth (%) 7-9 6-7 Inflation (%) 2-4 2-4 Dubai crude ($/barrel) 50-70 50-70 Peso-dollar exchange rate 48-53 48-53 Goods export growth (%) 6 6 Goods import growth (%) 10 8Budget program

Source: Philippine Star May 18, 2021 11:15 UTC