The International Monetary Fund (IMF) has revised its economic growth forecast for the Philippines for 2026, projecting a growth rate of 5.9 percent, slightly up from its previous estimate of 5.8 percent.
In its latest World Economic Outlook (WEO) report, the IMF also forecasted that the country’s gross domestic product (GDP) will grow by 5.5 percent this year, aligning with the government’s target range of 5.5 percent to 6.5 percent.
Earlier this year, the IMF noted that the Philippine economy remains resilient despite facing external challenges and heightened policy uncertainty. “The Philippine economy holds significant potential with a sizable demographic dividend and abundant natural resources,” stated IMF Mission Chief Elif Saxegaard. He highlighted that the government has been implementing reforms aimed at reducing gaps in infrastructure, health, and education, promoting foreign direct investment, and diversifying the country’s export markets.
Saxegaard emphasized that these reforms should be complemented by strengthening social protection programs, promoting digitalization, and enhancing resilience to climate shocks and natural disasters.