World Economy

Philippines Growth Lowered

Philippines Growth LoweredPhilippines Growth Lowered

The Asian Development Bank cut its growth forecast for the Philippines this year after public underspending weighed on the country’s growth prospects, although local output is expected to pick up for the rest of the year and next, the regional lender said in a new report, Business World reported. In its Asian Development Outlook Update 2015 titled “Enabling Women, Energizing Asia,” ADB now sees the Philippine economy growing at just 6% in 2015, down from its 6.4% projection in March and July. ADB, however, kept its 2016 projection at 6.3%.