Philippine Economy Grows at Slowest Pace Since 2009 Ex-Covid

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessPhilippine Economy Grows at Slowest Pace Since 2009 Ex-CovidPhilippine 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.Author of the article:Neil Jerome Morales and Ditas B Lopez You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — 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.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountGross domestic product expanded just 2.3% in the April-to-June period from a year earlier, the nation’s statistics agency said Friday. That was well below the median estimate of 2.9% in a Bloomberg News survey and the 2.8% print for the previous quarter.The growth was the slowest since the fourth quarter of 2009, outside of the pandemic. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe Philippines, which imports nearly all its oil from the Middle East, has been one of the hardest hit by supply disruptions from the Iran war. Higher energy costs and a weakening currency have pushed up food and fuel prices and dented household incomes. Companies have also cut back on capital spending, wary of the uncertainty.At the same time, state spending is tepid due to a graft scandal involving billions of pesos in flood infrastructure projects, while politics is being dominated by the lengthy impeachment trial of Vice President Sara Duterte. In June, the government slashed its 2026 GDP growth target to 3.5%-4.5%, from 5%-6%.That malaise has prompted President Ferdinand Marcos Jr. to pledge billions of pesos of cash aid and fuel subsidies to vulnerable sectors, and pledge tax relief for workers and small businesses. The Bangko Sentral ng Pilipinas has also jacked up policy rates by 50 basis points this year and signaled it is prepared to raise further to guide inflation back to the target.(Rewrites headline, adds context.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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