Philippines may cut 2009,2010 growth estimates

Posted by 7Star Sunday, April 19, 2009

The Philippines plans to lower its official growth estimate this year to 3.1-4.1 percent from the previous 3.7-4.4 percent forecast due to weak exports and rising unemployment, Socioeconomic Planning Secretary Ralph Recto said on Monday. The Southeast Asian country may also cut its 2010 growth forecast to 4.6-5.5 percent from the previous 4.9-5.8 percent, Recto told reporters.

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