The Philippine economy grew at its weakest pace in four years in the first quart...
MANILA - The Philippine economy grew at its weakest pace in four years in the first quarter bolstering expectations the central bank will cut rates at its meeting later on Thursday to rev up growth.
The slowdown in one of Asia’s fastest-growing economies was expected because of the delay in the approval of the national budget, which hurt the government’s ability to execute programs and pursue infrastructure and other projects. The peso fell to as low as 52.35 against the U.S dollar in early Thursday trade, from Wednesday’s close of 52.11, while the benchmark stock index was down nearly 2 percent after the data was released.
Pernia said the economy needs to grow by an average 6.1 percent over the next three quarters to achieve the government’s downwardly revised growth target of 6-7 percent this year. The country’s exports shrank for a fourth straight month in March, data showed on Wednesday, underlining weak external demand, while farm output - accounting for about a 10th of the country’s gross domestic product - slowed in the first quarter.
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