MANILA, Philippines (AP) — The International Monetary Fund has raised its 2014 economic growth forecast for the Philippines to 6.5 percent, up from its January projection of 6.3 percent, with typhoon reconstruction expected to boost the economy.

It forecasts 2015 growth at 6.5 percent, slightly lower than its 6.6 percent estimate in January. The economy grew 7.2 percent last year despite a string of calamities including Typhoon Haiyan in November, and government has targeted growth of 6.5 to 7.5 percent this year and 7 to 8 percent next year.

An IMF statement at the conclusion of regular consultation with economic managers also says the need for easy monetary policies in the Philippines has waned because of a stronger global outlook.

Monetary authorities have kept interest rates at record lows to spur credit and spending.