Philippine economy to grow 6% this year, monetary policy should stay tight, IMF says

MANILA: The International Monetary Fund said on Monday the Philippines’ gross domestic product (GDP) is expected to rebound to 6.0% this year and 6.2% in 2025, driven by consumer demand.

The Philippines’ monetary policy settings should remain sufficiently restrictive to anchor inflation expectations, the IMF said in a statement, after its team visited Manila to discuss recent economic and financial developments.

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Risks to inflation remain on the upside, amid geopolitical tension and recurrent commodity price volatility, the IMF said.

The current account deficit is expected to narrow to 2.1% of GDP mainly due to a rise in goods exports and tourism, it added.