The Philippine government said on Wednesday it had cut the 2006 gross domestic product (GDP) growth target to 5.7 percent from an initial 6.3 percent.

The target range for economic growth in the year 2006 was reduced to between 5.7 percent and 6.3 percent from between 6.3 percent and 7.3 percent, according to the National Economic Development Authority's statement issued on Wednesday.

However, the authority did not give a reason for the lowering adjustment.

Meanwhile, the statement forecasts that average world crude oilprice would be 56 to 60 US dollars per barrel.

The government expects the economy to expand 5.3 percent in 2005, already down from 5.7 percent in 2004.

Earlier this month, the Asian Development Bank lowered its forecast on Philippine GDP growth from 5.0 percent to 4.8 percent, citing reasons of the impact of hiking crude oil prices and the decrease in the country's exports.

Source: Xinhua