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The Philippine economy expanded at a slower-than-expected pace in the second quarter, adding to concerns over the country’s growth outlook as weaker government spending and external risks weigh on economic activity.
Gross domestic product (GDP) grew 2.3% year-on-year in the April-to-June quarter, the Philippine statistics agency said on Friday. The result fell below economists’ expectations and highlighted a loss of momentum in one of Southeast Asia’s major economies.
Economists surveyed by Reuters had forecast Philippine GDP growth of 2.8% from a year earlier, which would have matched the growth rate recorded in the first quarter.
On a seasonally adjusted quarter-on-quarter basis, the Philippine economy grew 0.6% in the second quarter. That marked a slowdown from the 0.9% expansion recorded during the previous three-month period.
The latest GDP figures come as the Philippines experiences some easing in consumer price pressures. Annual inflation slowed for a third consecutive month in July, falling to 6.2% from 6.4% in June. The moderation was partly driven by a slower increase in transportation costs.
Despite easing inflation, the Philippine economic outlook remains under pressure. In June, the government lowered its 2026 GDP growth forecast to a range of 3.5% to 4.5%, citing the impact of the Middle East crisis and an infrastructure-related corruption scandal that has contributed to slower government spending.
The weaker second-quarter performance could make achieving the government’s full-year economic growth target more challenging, particularly if public expenditure and other key growth drivers remain subdued.
Looking further ahead, Philippine economic policymakers are targeting a stronger expansion. The government’s budget planning committee has set a GDP growth target of between 5% and 6% annually from 2027 through 2030.
The latest data will keep attention on government spending, inflation trends and external economic risks as policymakers seek to restore stronger Philippine GDP growth in the coming years.
