Gov’t cuts growth outlook for newly upgraded upper-middle-income Philippines

AI Summary

The Philippine government is lowering its economic growth forecast amid heightened domestic and international uncertainties, including governance issues and Middle East geopolitical tensions, which are dampening business and consumer confidence.

Economic managers expect growth to moderate this year due to 'heightened domestic and external uncertainties,' including governance-related issues, geopolitical tensions in the Middle East, and other global developments affecting business and consumer confidence