S\&P lowers Philippine growth outlook to 4.3%

S\&P Global Ratings lowered its Philippine growth outlook for 2021 to 4.3%, citing the ongoing pandemic and stringent lockdown measures.

This is a significant reduction from the June estimate of 6%.

The debt watcher warned that economic scarring will persist, with GDP likely to be 12% below pre-pandemic projections by 2025.

On Wednesday, the government also revised its full-year growth target down to 4-5%, citing current infection spikes and lockdowns.