ING Bank Manila cuts Q2 GDP outlook to 10.9%

By Mayvelin U. Caraballo

Aug 06, 2021 4:27 pm

THE local unit of ING Bank has further downgraded its Philippine economic growth projection for the second quarter of this year, blaming the strict coronavirus disease 2019 (Covid-19) pandemic-related lockdown reimposed in April.

ING Bank Manila senior economist Nicholas Antonio Mapa said on Friday that the global bank now expects the second quarter gross domestic product (GDP) growth to be only 10.9 percent, down from 11 percent previously.

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