ADB keeps 2015 growth forecast for Philippines


Posted at Mar 24 2015 12:16 PM | Updated as of Mar 24 2015 08:16 PM

MANILA, Philippines - The Asian Development Bank kept its growth forecast for the Philippines this year, citing expectations government spending is improving.

The ADB said growth will be 6.4 percent this year, the same rate it predicted in September.

For 2015, the ADB predicted a slower growth of 6.3 percent.

The ADB said infrastructure problems are hampering growth.

The numbers fall short of the government's 7 to 8 percent target.

Government and economists say the Philippines needs to sustain high growth for five to 10 years to make a dent on poverty and to help achieve its inclusive growth program. - ANC