The World Bank has downscaled its 2021 economic growth forecast for the Philippines.
The Philippines is also among the last countries in the region to start its vaccination drive, only rolling it out on March 1. The country also has one of the highest COVID-19 case tallies among ASEAN members, logging over 700,000 infections to date. It also broke its all-time high for daily cases recorded for the fifth time on Friday with nearly 10,000.
The multilateral lender also flagged the country's"conservative" fiscal stance, along with its under-spending due to weak implementation. The World Bank's 2021 economic growth forecast for the Philippines rests below the 6.5% to 7.5% forecast range eyed by the Development Budget Coordination Committee.
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