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.
"It is the global slowdown that is affecting the adjustment," Finance Secretary Benjamin Diokno said. Trading around the 55 territory on Monday after plunging to a record low of 59 in recent weeks, the peso has recovered against the dollar thanks to a series of interest rate hikes by the Bangko Sentral ng Pilipinas to match U.S. Federal Reserve's aggressive tightening.
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