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Philippines economic growth slows for third consecutive quarter

The Philippine economy has experienced its third consecutive quarterly slowdown, according to data released by the statistics agency. The Gross Domestic Product (GDP) for the June quarter rose by 4.3%, a deceleration from the prior quarter’s 6.4% and December quarter’s 7.1%. Notably, the economy shrunk 0.9% quarter-on-quarter in the second quarter, missing economists’ growth forecast of 0.5%. Factors like high commodity prices, decreased consumer and government spending, and slower global economic growth have impacted performance. The economic ministers attribute the weaker Q2 performance partly to heightened farm goods prices and a drop in government expenditure. With the central bank meeting on August 17, this trend could influence future policy decisions, though ministers remain optimistic about potential interest rate easing and upcoming government spending.


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