The IMF revised its economic growth projection for the Philippines downward to 5.3% in 2023 from 6.2%, attributing the decision to global pressures and policy constraints. However, a 6.0% growth is anticipated in 2024 due to increased public spending and robust external demand. Notable concerns include persistent inflation, which might necessitate further monetary tightening. Still, there remain areas of vulnerability in the corporate sector, although the banking sector remains solid.