BMI Research and Deutsche Bank have joined other private institutions in scaling back the forecast for the Philippine economy for full-year 2015 as they take into account the impact of external headwinds and the El Niño phenomenon on gross domestic product (GDP).

In separate research notes, BMI trimmed its Philippines growth estimate to 5.7 percent from 6 percent, while Deutsche Bank marked down its previous forecast of 6.5 percent to 6 percent.

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