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October 01, 2023

ADB sticks to 6% growth forecast for the Philippines, citing resilient consumer spending

The Asian Development Bank (ADB) maintained its growth forecast for the Philippines at 6.0% in 2023 and 6.2% in 2024, citing resilient consumer spending and robust investment.

The projection falls within the lower end of the government’s GDP growth target of 6-7% for 2023 and would make the Philippines the fastest-growing economy in Southeast Asia.

However, the ADB also highlighted challenges in the tourism and business process outsourcing sectors, and revised its growth projections for Southeast Asia due to weakening global demand for exports.


BSP disqualifies unregistered money service business

The Bangko Sentral ng Pilipinas (BSP) has disqualified Riyben Foreign Exchange for operating an unregistered money service business, part of BSP’s ongoing efforts to curb unauthorized MSBs, following similar actions taken against six other firms earlier this year.

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