(MENAFN) According to the International Monetary Fund (IMF), the Philippines' growth forecasts are lowered to 6.2 percent in 2014, Xinhua reported.
The IMF attributed the decline to a weak performance during the first quarter of the year, along with expectations of sluggish expansion in the second quarter.
The latest projection was lower than the previous 6.5 percent, as the current growth forecasts depend largely on the government's spending for infrastructure and services.
"We are expecting a recovery in (government) spending. We are basically assuming the government's fiscal plan goes according to plan," IMF Resident Representative said.
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