The Philippine economy is expected to withstand the impact of higher inflation, with investments and consumption expected to remain strong, according to the Development Budget Coordination Committee, which retained the country’s economic growth forecast for this year. The committee revised its inflation expectations to an average of 5%-7% from the 2.5%-4.5% forecast in December. The Philippine economy grew 7.6% in 2022, the fastest in nearly half a century, and is still expected to be among the bright spots in the region despite the broader global downturn.