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Byline: Maria Eloisa I. Calderon
The Asian Development Bank (ADB) has scaled back its 2009 Philippine growth forecast, citing a global downturn that brings with it reduced demand for exports, job losses, an erosion in domestic consumption, and fewer investments.
In its latest Asian Development Outlook released yesterday, the Manila-based lender said the Philippine economy would expand by just 2.5% this year, down from an earlier forecast of 3.5% and sharp drop from 2008's actual gain on 4.6%.
The revision was the latest in a series of reviews the ADB has been doing since last year, when it initially estimated 2009 grpss domestic product (GDP) growth …