Disappointing

PHILIPPINES - Report 28 May 2015 by Romeo Bernardo and Christine Tang
Even though we were poised to cut our 6.7% full-year GDP growth forecast, we were as surprised as anyone by the mediocre 5.2% 1Q15 performance of the economy. The announcement at once sent the main stock index down 1.6% in morning trade. Indeed, one can hardly miss the tone of disappointment in the Planning Secretary's own statement. In it, he promptly pointed to poor public construction as the culprit, albeit expressing continuing optimism in government's ability to quicken spending. In fact, he told reporters that it is too early to abandon government's 7-8% target for the year, noting th...

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