Philippines' NEDA suggests revising growth targets to 6-7% due to slower global recovery.

The Philippines' NEDA suggests revising growth targets to 6-7% due to slower global recovery. Factors affecting the economy negatively include high interest rates, rate hikes, and the El Niño phenomenon. However, Socioeconomic Planning Secretary Arsenio M. Balisacan remains confident that inflation will slow, and the government may achieve a 6.5-7.5% growth if the global economy improves.