ADB likely to trim Philippine growth forecasts

THE ASIAN Development Bank (ADB) is likely to downgrade its Philippine gross domestic product (GDP) growth forecasts for this year and next year, as a graft scandal hurt investments and public spending.

-  Aubrey Rose A. Inosante

"We were revising things downward," ADB Country Director for the Philippines Andrew Jeffries told reporters on the sidelines of an event on Dec. 4.

The downward revision may likely cover both this year and 2026, he added.

The multilateral lender earlier gave a 5.6% GDP growth projection for the Philippines this year, still within the government's 5.5-6.5% goal.

Asked if the revised projection will be lower than the government target for 2025, Mr. Jeffries replied: "Likely."

For 2026, the ADB sees the Philippines growing slightly faster at 5.7%, but still below the government's 6-7% growth goal.

"By the way, it still might change (this week). But it is trending down from what we had earlier released for both years," Mr. Jeffries said.

The ADB said it will release its latest Asian Development Outlook (ADO) on Dec. 10, which will include revised growth forecasts for the Philippines and reflect the impact of the flood control corruption scandal.