Philippines: Signs Point to Growth for 2024

Philippines: Signs Point to Growth for 2024

May 17, 2023

Philippines: Signs point to growth for 2024.

Philippines: Signs point to growth for 2024. as the Country maintained its economic growth target for 2023 at 6.0%

The Philippines maintained its economic growth target for 2023 at 6.0% to 7.0%, a government inter-agency panel recently said, citing momentum from increased domestic demand and better labor conditions.

The economy is seen to grow 6.5% to 8.0% for 2024 to 2028, the inter-agency panel known as the Development Budget Coordination Committee (DBCC) announced in a news conference.

UK: What to Expect from the Spring Budget 2023

The International Monetary Fund (IMF) has maintained its economic growth forecast for the Philippines this year at 6.0% and predicted that next year’s GDP expansion will range between 5.5% and 6.0%, an official from the Fund said on Friday.

IMF mission chief Jay Peiris, in a press conference in Manila following a staff visit, stated that fighting inflation is the “top priority” for Filipino policymakers and that fiscal and monetary measures will contribute to its reduction.

The IMF’s growth forecast for this year falls at the lower end of the Philippine government’s growth target, which ranges from 6.0% to 7.0%. Previously, the Fund had projected a growth rate of 5.8% for next year.

Hong Kong Unveils Measures to Boost Economic Recovery

The latest IMF forecast for the Philippines follows the Southeast Asian country’s stronger-than-expected economic performance in the first quarter, putting it on track to achieve its growth targets for this year and the next.

While the first-quarter growth was the slowest for the Philippines in two years, at 6.4%, it was among the fastest in Southeast Asia.

“The key downside risks to the outlook continue to be persistently high core inflation, depreciation pressures amid tighter global conditions, geoeconomic fragmentation, and budgetary impacts associated with rising borrowing costs,” the IMF said in a statement.

Source: Reuters

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SCHEDULE: Security measures

Processor shall put in place the following measures, as applicable.

Minimum technical measures

Firewalls which are properly configured and using the latest software;
user access control management;
unique passwords of sufficient complexity and regular expiry on all devices;
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appropriate and proportionate monitoring of personnel; and
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Vet all personnel including staff, contractors, vendors and suppliers (including Subprocessors) on continuous basis;
non-disclosure agreements used with all personnel;
regular training of all personnel on confidentiality, data processing obligations, identification of Security Breaches and risks;
apply principle of least authority, including a restricted or strictly controlled transit of data and material outside of office;
physical security on premises including reception or front desk, security passes, clean desk policy, storage of documents in secure cabinets, secure disposal of materials, CCTV, etc.;
apply appropriate policies including Information Security Policy, Data Protection Policy, BYOD, Acceptable Use Policy; limited and monitored personal use of work resources, as appropriate.