In December 2008, the FOMC lowered the target federal funds rate to near zero and started to provide forward guidance concerning its likely future path.
While the IMF has cut its global economic growth forecast in its April 2022 World Economic Outlook, it raised its GDP growth projection for the Philippines from 6.3 percent to 6.5 percent this year. On COVID-19, the Philippines is managing risks of potentially new variants emerging through sentinel surveillance and protecting the vulnerable population through accelerated vaccination.