Bilyonaryo - Business

BBM’s economic team revises inflation outlook for 2023

June 9, 2023

Bilyonaryo.com

The Development Budget Coordination Committee (DBCC) has revised its inflation outlook for 2023 amid the consistent slowdown in inflation over the past four months.

In a briefing at the Department of Finance, Budget and Management Secretary Amenah Pangandaman said that the average inflation rate assumption for 2023 has been narrowed to five to six percent from the previous assumption range of five to seven percent.

“It is expected that the inflation rate will return to the target range of two to four percent by 2024 and 2028 as the administration, through the Inter-Agency Committee on Inflation and Market Outlook, provides proactive measures to address the primary drivers of inflation,” the budget chief said.

“This, together with appropriate monetary policy actions of the Bangko Sentral ng Pilipinas, will help ensure a return to the inflation target over the policy horizon,” she added.

Meanwhile, the DBCC stands firm in its economic growth projections, keeping the assumptions steady at six to seven percent for 2023 and 6.5 to eight percent for 2024 to 2028. These figures reflect various factors encompassing both domestic and external risks.

Pangandaman said these projections have already taken into account the risks posed by El Niño and other natural disasters, global trade tensions, and value chain disruptions, among other factors.

“The DBCC is confident that the country can withstand these risks and achieve upper-middle-income status in the next two years through the implementation of near- and medium-term strategies, such as ensuring timely and adequate importation, providing preemptive measures to address El Niño, strengthening biosecurity, enhancing agricultural productivity, and pushing for legislative reforms including the Livestock, Poultry, and Dairy Competitiveness and Development Act, among others,” she said.

Related News Tags: BBM, Development Budget Coordination Committee (DBCC), inflation

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