Philippine growth slows to four-year low

Philippine economic growth slowed to 5.5 percent in the three months to June, its slowest pace in more than four years, as trade wars took their toll, the government said Thursday.
"As we have anticipated, these have been challenging times," Economic Planning Secretary Ernesto Pernia said, blaming rising protectionism in advanced economies, as well as the El Nino dry spell that saw grain production contract.
The 5.5 percent expansion was the country's lowest through 17 quarters.
GDP growth in the first three months of the year was also at a lower-than-expected 5.6 percent, making it more challenging for Manila to attain its full-year target of 6-7 percent.
The central bank's policy-setting board responded Thursday by trimming its key overnight reverse repurchase facility by 25 basis points - its second this year - to 4.25 percent, and signalling it was ready to cut further.