Moody’s trims growth forecast

Moody’s Investors Service has trimmed down its growth forecast for the Philippine economy this year to 6 percent from a previous projection of 6.5 percent, citing bottlenecks in the government’s budget execution.

The revised forecast is lower than the 6.1 percent expansion achieved last year and below the 7 percent to 8 percent gross domestic product (GDP) growth assumption by the government.