In a report, Fitch Ratings said the Philippine economy may grow by only 6.2 percent instead of the original growth forecast of 6.6 percent for this year. For 2020, Fitch lowered its growth forecast to 6.3 percent from the original target of 6.6 percent. The Philippines recorded a slower GDP growth of 6.2 percent in 2018 from 6.7 percent in 2017, missing the lowered 6.5 to 6.9 percent target set by government economic managers. “Fitch has revised down its GDP growth forecast for 2019 to 6.2 percent from 6.6 percent, as it expects the recent budget delay and external factors to weigh on growth,” it said in a report. The 2019 budget was due by end December 2018, but passage was delayed to April,” Fitch said.

Source: Philippine Star April 24, 2019 16:00 UTC