Philippines Growth at Four-Year Low Boosts Odds of Rate Cut

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Philippines Growth at Four-Year Low Boosts Odds of Rate CutGross domestic product rose 5.6% in the first quarter from a year earlier, lower than all but one forecast in a Bloomberg survey of 23 economists. Growth slowed from 6.3% in the previous quarter, as delays in passing the budget this year stalled government spending. Key InsightsA standoff in Congress led to delays in approving the government’s budget, with state spending on new projects halted until it was resolved in AprilEconomic Planning Secretary Ernesto Pernia said on Thursday the economy needs to expand an average of 6.1% in the next three quarters in order for the government to meet its growth target of 6% to 7%.


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