NOMURA, a Japanese investment bank, kept its economic growth outlook for the Philippines this year that is below the government's target, citing concerns on the external environment.

'We maintain our 2022 GDP (gross domestic product) growth forecast of 6.7 percent, which is below the government's range of 7 to 8 percent (narrowed from 7 to 9 percent) and reflects our more cautious view on the external environment...,' Nomura research analysts Euben Paracuelles and Rangga Cipta said in a report titled 'Between a rock and a hard place' released on Friday.