ANZ Research on Monday further cut its 2020 Philippine economic growth projection to -9.1 percent from -2.5 percent earlier due to the renewed surge in coronavirus disease 2019 (Covid-19) infections, unprecedented fall in remittances, slow fiscal delivery, and limited efficacy of monetary policy.

In a report released on Monday, ANZ Research said the increase in new positive cases that pushed the government to reimpose the modified enhanced community quarantine in the National Capital Region and surrounding provinces greatly affected household consumption.

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