MANILA, June 9 (Xinhua) -- The Philippine government on Friday narrowed average inflation targets for 2023 to 5 to 6 percent from the previous assumption range of 5 to 7 percent due to consistent slowdown in inflation over the past four months.

The Development Budget Coordination Committee (DBCC) announced the new inflation rate targets after reviewing the government's medium-term macroeconomic assumptions, fiscal program, and growth targets for 2023 to 2028.

The inflation rate will expectedly return to the target range of 2 to 4 percent by 2024 as the administration provides proactive measures to address the primary drivers of inflation, DBCC Chairman and Budget Secretary Amenah Pangandaman told a press conference.

The committee expressed optimism such measures and appropriate monetary policy actions of the central bank will help ensure a return to the inflation targets over the policy horizon.

Considering domestic and external risks, the committee maintained its gross domestic product growth targets of 6 to 7 percent for 2023 and 6.5 to 8 percent for 2024 to 2028.

The committee said the projections have already considered risks posed by El Nino and other natural disasters, global trade tensions, and value chain disruptions, among other factors.

Consistent with macroeconomic assumptions and foregoing fiscal targets, the Philippine government is now preparing the 2024 proposed national budget, amounting to 5.768 trillion pesos (roughly 103 billion U.S. dollars), up 9.5 percent compared to this year's budget.

The proposed national budget will continue to prioritize expenditure items that promote social and economic transformation through infrastructure development, food security, digital transformation, and human capital development. Enditem

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