Key facts
- The Philippines has lowered its economic growth forecast for the current year.
- Escalating oil prices, influenced by the Iran war, are a key reason for the reduced forecast.
- The government's ongoing anti-corruption campaign is also contributing to the downward revision.
- Officials hope to achieve between 3.5% and 4.5% growth in 2026.
The Philippines has revised its economic growth projection downward for the current year. This decision stems from a combination of external and domestic factors, including the significant impact of rising oil prices, which have been exacerbated by the ongoing conflict involving Iran. Additionally, the government's intensified efforts to combat corruption are also cited as a contributing factor to the adjusted economic outlook. Economic Planning Secretary Arsenio Balisacan expressed hope that the country could achieve between 3.5% and 4.5% growth in 2026.