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Philippines eyes $3.6bn stimulus in bid to exit recession

2021 growth target lowered to 6-7% amid new COVID bout

The Philippine government aims to boost the country's post-pandemic economic recovery this year with a package of stimulus measures.    © Reuters

MANILA -- The Philippines is seeking a 170 billion pesos ($3.6 billion) pandemic stimulus program to boost its economic recovery this year, officials said on Tuesday, as they temper growth targets following disappointing first-quarter results.

President Rodrigo Duterte's economic team now expects gross domestic product to expand by 6% to 7% in 2021, slightly lower than the previous target of between 6.5% and 7.5%, as the country wrestles with new COVID-19 variants.

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