The Asian Development Bank (ADB) raised its growth forecast to 6.5 percent for the Philippines in its update released on Wednesday.

The ADB's projection last April was 6 percent. The update was based ''on the basis of the stronger-than-the-first half (of 7.8 percent),'' ADB said.

But growth in 2023 ''will ease on the impact of monetary policy tightening and broader price pressures'', said ADB.

The ADB update revised upwards its forecast for inflation in 2022 to 5.3 percent from its earlier 4.2 percent projection.

''Inflation is expected to remain elevated over the rest of the year due primarily to supply-side factors, including elevated global community prices,'' the ADB said.

''Bad weather has constrained the domestic supply of some agriculture commodities,'' it added.

Inflation is forecast to start going down to 4.3 percent in 2023 as global oil and non-oil prices start easing, ADB added. DMS