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Philippines Q2 GDP at 2.3% Yr/yr, Slower than Expected
Weak investment and higher prices slowed growth as public infrastructure spending fell 43.4%, BPI estimated.
- On Friday, August 7, the Philippine Statistics Authority reported the Philippine economy grew just 2.3% in the second quarter of 2026, marking the weakest expansion since 2009 excluding the COVID-19 pandemic.
- Bank of the Philippine Islands lead economist Emilio Neri cited high transport and electricity costs alongside a 43.4% contraction in public infrastructure spending as key factors, worsened by Middle East conflict disruptions.
- Growth fell significantly below the 2.9% median estimate in a Bloomberg News survey and the 2.8% predicted by Reuters polls, underscoring the severity of economic underperformance.
- President Ferdinand Marcos Jr. pledged cash aid and tax relief as the government slashed its 2026 GDP growth target to 3.5%-4.5%, while The Bangko Sentral ng Pilipinas raised policy rates by 50 basis points.
- The World Bank projects 3.7% growth for 2026, though political uncertainty persists amid graft scandals and the lengthy impeachment trial of Vice President Sara Duterte.
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Philippine economy slows to 2.3% as war impact peaks
MANILA, Philippines —The Philippine economy grew at its slowest pace in the second quarter of 2026, expanding 2.3 percent as the Middle East war’s fallout dampened economic activity, the Philippine Statistics Authority (PSA) reported on Friday. The latest print was slower than the 2.8 percent recorded in the first quarter and the 5.4 percent posted a year ago, again marking the country’s weakest economic performance in 16 years outside the pande…
·Makati, Philippines (the)
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Philippine Growth Disappoints at 2.3% as War, Graft Sap Demand
·New York, United States
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Philippine Economy Grows at Slowest Pace Since 2009 Ex-Covid
Philippine economic growth dramatically slowed in the second quarter, defying expectations of a pickup, as the protracted Middle East conflict stokes inflation and drags down consumer spending and investment.
·Toronto, Canada
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Total News Sources13
Leaning Left5Leaning Right3Center3Last UpdatedBias Distribution46% Left
Bias Distribution
- 46% of the sources lean Left
46% Left
L 46%
C 27%
R 27%
Factuality
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