Thursday, the Philippine government lowered economic growth estimate for 2009 to 3.1%-4.1% from an earlier forecast of 3.7%-4.4%.

The government also revised its budget deficit estimate for this year. The budget deficit is expected to widen to PHP 199.2 billion or 2.5% of GDP. This is larger than the previous ceiling of PHP 177.2 billion.

Today, the Monetary Board of the Philippine central bank is expected to cut its reverse repurchase rate by 25 basis points to 4.5%.

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