00:00The Philippine Statistics Authority reports the country's economy grew by only 2.3% in the second
00:06quarter of 2026. Weak investment and elevated prices weighed on economic activity, resulting
00:12in the slowdown. The latest figure is lower than the 2.8% growth recorded in the first quarter of
00:172026 and the 5.4% expansion in the second quarter of 2025. This brings economic growth in the first
00:24half of 2026 to 2.6%. The 2.3% expansion in the second quarter of 2026 is the weakest
00:31since the
00:32fourth quarter of 2009, excluding the COVID-19 pandemic when the economy grew by only 1.8%.
00:38The government already slashed its growth target range to 3.5% to 4.5% for the full year
00:44amid weaker
00:45investment, elevated inflation, and domestic and external uncertainties. The World Bank expects
00:50the Philippine economy to grow by 3.7% in 2026. The World Bank earlier warned investment
00:56was slowing down amid heightened scrutiny of infrastructure spending after corruption in
01:01flood control projects, as well as a surge in global energy prices.
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