The Philippines is tempering its economic growth outlook for 2024 as it braces for "difficult months" when the El Nino weather phenomenon takes its toll.
A corner in Makati city of the Philippines. (Photo: Reuters)
Hanoi (VNA) – The Philippines istempering its economic growth outlook for 2024 as it braces for "difficultmonths" when the El Nino we⛦ather phenomenon takes its toll.
Speaking at a press conference on December 13, the country’s EconomicPlanning Secretary Arsenio Balisacan said that while the medium-term grossdomestic product (GDP) growth of 6.5%-8% is still being targeted, its higherend is already out of the range for next year. The government is monitoring risks like ElNino and geopolitical tensions that can raise uncertainty and disrupt supplychains, Balisacan said. In thePhilippines and other parts of Asia, El Nino usually causes hot, dry weatherthat results in lower agricultural production and disruption in water and powersupplies. TheMinistry of Science and Technology has warned that 65 provinces, or about 77 %of the Philippines, can suffer from moderate-to-severe drought in February toMay 2024. The minister revealed that the governmentwill ask traders to frontload their commodity imports. Besides, the government isalso considering extending a reduction in tariffs for commodities like meat,corn, and rice beyond the December 31, 2023 deadline. The country'sinflation averaged 6.2% in January to November, well above the central bank's2%-4%target. Its economy grew 5.5% in January to September. Cabinet officials involved in the economic cluster willmeet on December 15 to discuss macroeconomic assumptions./.
The Asian Development Bank (ADB) said on October 5 that it has approved a 300 million USD policy-based loan to support the Philippine government in creating a stronger institutional and policy environment to help expand Filipinos’ access to financial services.
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A corner in Makati city of the Philippines. (Photo: Reuters) 
