S&P trims PH GDP forecast to 6.1%

S&P Global Ratings trimmed its GDP growth outlook for the Philippines in 2020 to 6.1%, down from a previous estimate of 6.2%. Moody's also reduced its forecast to 6.1%.

These forecasts are still higher than last year's 5.9% growth but lower than the government's target range of 6.5-7.5%.

S&P noted that the Philippines is expected to be one of the least affected economies by the COVID-19 outbreak, alongside Japan, Indonesia, and Malaysia.