THE NOT TOO GOOD NEWS NOWADAYS! The Government cut its 2008 economic growth forecast for the second time this year as faster inflation hurt consumption, adding pressure on the government to boost spending on food and fuel subsidies to the poor. Our so-called economic planner forecasted that GDP may yet expand 5.5% to 6.4% (?) this year, from an earlier forecast of as much as 6.6% (sigh!). Philippines stock and the peso fell on concern that the gov’t may expand subsidies for the 30% of our 96 million population that lives on less than P45/day, widening its deficit.