Why ANZ cut Philippine growth forecast

ABS-CBN News

Posted at Jul 11 2017 10:15 AM

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MANILA - ANZ Bank lowered its growth forecast for the Philippines following violence in the southern city of Marawi and a slowdown in private investments, one of its economists said Tuesday.

"We have seen some slowdown in private investment. While public investment has been expected to ramp up, we haven’t seen much of it," ANZ economist Eugenia Victorino told ANC's Market Edge with Cathy Yang.

ANZ said gross domestic product will likely grow 6.5 percent this year, lower than its original projection of 6.9 percent. It kept its forecast for 2018 at 6.2 percent.