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MANILA, Philippines - US bank Citigroup warned that the expected power shortage next year could slow the Philippines' economic growth.
Citi said the Philippines' gross domestic product growth may grow only 6.1 percent if the government does nothing to avert the power supply crisis.
However, if the government can address the expected power shortage, Citi expects the country's gross domestic product to grow by 6.5 percent.
The Asian Development Bank, International Monetary Fund and World Bank recently lowered their respective growth targets for the Philippines next year due to concerns over a slowing global economy.
The Aquino administration, meanwhile, is looking to address the looming crisis by requesting Congress to grant the President additional powers to acquire as much as 500 megawatts of additional capacity.
House Speaker Sonny Belmonte said the Lower House will approve the joint resolution granting the additional powers as soon as Congress reconvenes next week. -- With ANC
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