A Fitch Group unit has significantly lowered its estimates for the Philippines’ current account deficit (CAD) for this year and the next amid weaker import demand.

In a report released on Thursday, Fitch Solutions said its current account-to-gross domestic product (GDP) forecasts for the country were cut to -0.4 percent and -1.2 percent for 2019 and 2020, respectively, from the previous -2.1 percent and -2.8 percent.

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