MANILA, Philippines — Investment is expected to post a sluggish growth next year as the Philippine government is forced to operate on a re-enacted budget in early 2019 after lawmakers failed to pass a new outlay on time, the World Bank said Friday. Lawmakers adjourned their session for their month-long Christmas vacation without approving the proposed P3.757-trillion national budget for next year. This means the national government will have to run using a re-enacted budget beginning next month. Under a re-enacted budget, new programs and projects proposed for 2019 will be unfunded since the previous outlay will be reused next year. Also on Friday, the World Bank slashed its growth projections on the Philippine economy to “reflect recent economic trends.”READ: World Bank downgrades Philippine growth forecasts— Ian Nicolas Cigaral

Source: Philippine Star December 21, 2018 07:41 UTC