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IMF reduces RP growth forecast anew

July 10, 2008

The International Monetary Fund (IMF) has again reduced its 2008 Philippine economic growth to 5.2 percent, down from April’s 5.8% forecast, due to slowing external demand and softening consumption. The latest outlook is lower than the government’s target of 5.7-6.5%, and compares to the 6.0-6.2% projection the IMF made last year following an annual Article IV consultation. That forecast was trimmed in April given a sharper-than expected global downturn.
“The Philippines, together with its peers in the region, faces the twin challenges of a slowing global economy and escalating food and fuel prices,” the IMF said. An IMF staff team led by Il Houng Lee visited the country last week for a fresh Article IV check of the country’s economic health.
The team, in a statement, said inflation would likely hit double-digit levels in the near future due to volatile oil and food prices in the global market.

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