Manila, Jul 19 (IANS): The Manila-based Asian Development Bank (ADB) on Wednesday said it has maintained its gross domestic product (GDP) growth forecast for the Philippines at 6 per cent for this year and 6.2 per cent for 2024.

"Robust investment and private consumption drove growth by 6.4 percent year on year in the first quarter of 2023, supported by rising employment, expanding production and retail sales, and brisk private and public construction," the lender said in a report, title Asian Development Outlook (ADO) July 2023.

The report adds that net exports weighed on the country's GDP.

"Merchandise export declined, partly offset by expansion in service exports."

The report says that tourism in the Philippines bounced back, and growth remained strong for business process outsourcing and information services.

Data from the Department of Tourism showed that over 2.4 million foreign travelers visited the the country in the first six months of 2023, already exceeding the number recorded in 2022.

The inflation forecast for the Philippines for 2023 and 2024 is maintained at 6.2 per cent and 4 per cent, respectively.