Growth hamstrung by weak budget use

Moody’s Investors Service said in a recent analysis of the Philippine economy said that growth is being hamstrung by the government’s weak use of the budget.

The government, it said is not spending as much and as fast as it should thus constricting growth. It said the Philippine gross domestic product (GDP) likely grew by only 6.3 percent this year, below government target of 6.5 percent to 7.5 percent.