A second multilateral institution has lowered its Philippine growth outlook, with the Asian Development Bank (ADB) on Wednesday announcing an adjusted 2019 forecast of 6.4 percent — down from 6.7 percent previously.
The revision, contained in the ADB’s latest Asian Development Outlook, was also premised on a number of factors — the delayed approval of the 2019 budget, an ongoing El Niño and a global economic slowdown — that were cited by the World Bank when it announced a downgrade to 6.4 percent from 6.5 percent last Monday.
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