The Asian Development Bank (ADB) maintained its five percent growth forecast for the Philippines this year on back of slower demand for its export products as well as higher commodity prices.
In its latest Asia Economic Monitor released Thursday, the Manila-based lender said the Philippines, along with Thailand and Malaysia will see economic growth taper off this year.
"Three of Asean's middle income economies -- Malaysia, the Philippines and Thailand -- should see growth taper due to diminished export demand and tighter monetary policy," ADB said.
ADB expects Philippine economic growth rate to improve to 5.3 percent in 2012.