(Interaksyon) MANILA— The Philippines on Monday lowered its economic growth target for 2023, taking into account an anticipated weakening in global activity, but retained its expansion goals for the succeeding five years.

2023 growth goal cut to 6.0-7.0% from 6.5-8.0%
2024-2028 growth target kept at 6.5-8.0%
Govt revises forex assumptions for 2022-2024

The Southeast Asian nation’s economy is now expected to grow 6.0%-7.0% next year, a lower and narrower range compared with the previous official goal of 6.5%-8.0%, the inter-agency Development Budget Coordination Committee (DBCC) announced in a media briefing.