Economic managers cut growth, revenue targets

Economic managers have cut their growth forecasts for 2019 and 2020, citing factors such as a reenacted budget, an ongoing El Nino and the US-China trade war, and also slashed revenue projections for this year due to a partially-vetoed tax amnesty law.

Following a meeting of the interagency Development Budget Coordination Committee (DBCC) on Wednesday, Budget department officer-in-charge Janet Abuel announced that they were now targeting 6.0-7.0 percent growth for this year and 6.7-7.5 percent next year, down from 7.0-8.0 percent previously.