The International Monetary Fund has revised its growth forecast for the Philippine economy on expectations of a weak global expansion and slower government spending. The Washington-based lender is now betting on a 6.2 percent expansion for the Philippine output, as measured by the gross domestic product, this year, IMF Resident Representative Shanaka Jayanath Peiris said in an emailed statement. The IMF earlier announced a GDP growth of 6.7 percent. "Real GDP is projected to grow by 6.2 percent in 2015 as lower commodity prices lift household consumption and improved budget execution raises public spending, though slightly lower than expected previously due to weaker global growth and a fiscal deficit below targeted," Peiris said. In the first quarter, Philippine output expanded at a slower 5.2 percent due to "temporary factors" including the effects of the El Niño dry spell on agriculture production, weak global demand and slower government spending, Peiris noted. More from: IMF cuts PHL growth forecast on global and domestic concerns | Economy | GMA News Online
