Foreign banking giants have forecast that flood control scandals, which were a major red flag for investors, caused economic growth to slow “sharply” in the third quarter of the year, prompting the government to spend infrastructure funds cautiously.
Singapore-based DBS Bank Ltd. and United Overseas Bank (UOB) expect gross domestic product (GDP) growth to have slowed to 5.2 percent during the July–September period from 5.5 percent in the April–June period, well below the lowered growth goal of 5.5 percent to 6.5 percent.
“We expect the Philippines’ economy to hav
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