DEBT watcher Fitch Ratings cut its gross domestic product (GDP) growth forecast for the Philippines this year, tagging the delayed national budget and external factors as reasons for the downward adjustment.

“Fitch has revised down its GDP growth forecast for 2019 to 6.2 percent from 6.6 percent previously, as it expects the recent budget delay and external factors to weigh on growth,” Fitch said in its latest APAC Sovereign Credit Overview 2019 released on Wednesday.