PMI - Performance review season and the silent budget cuts?

So, performance review season is in full swing at Philip Morris, and while it's standard procedure, I'm noticing a different tone this year. Heard from a couple of colleagues in different departments that 'budgets are tighter than expected' and that raises are going to be 'highly selective'. Some have even mentioned that their 'stretch goals' from last year are now being reclassified as 'standard expectations' for this year. It feels like a way to manage expectations without openly admitting to financial pressures. Anyone else experiencing this? Is this just a normal cyclical thing, or does it feel more pronounced this year? Curious if this is a company-wide trend or just isolated pockets.