OECD cuts PH growth forecast to 5.9%

The OECD expects the Philippine economy to grow by only 5.9% this year, a slower rate than its previous forecast of 6.2% and the government's target of 6.5-7.5%.

After contracting by 9.5% last year, which was the steepest decline in Southeast Asia, public investment and net exports are expected to drive the partial recovery.

However, rising debt costs, declining remittances, and the government’s capacity to service debt pose significant risks to this outlook.