Oct. 12 (Bloomberg) -- The Philippines will cut economic growth forecasts for 2011 and 2012, Budget Undersecretary Laura Pascua said in an interview today in Manila. The new projections will be lower than the growth assumptions of 5 percent to 6 percent this year and 5.5 percent to 6.5 percent in 2012 used in the annual budget.

To contact the reporter on this story: Max Estayo in Manila at mestayo@bloomberg.net

To contact the editor responsible for this story: Clarissa Batino at cbatino@bloomberg.net