Philippines Cuts 2026 Growth Target to 3.5%-4.5% as Iran War Lifts Oil Costs
Updated
Updated · Bloomberg · Jun 22
Philippines Cuts 2026 Growth Target to 3.5%-4.5% as Iran War Lifts Oil Costs
1 articles · Updated · Bloomberg · Jun 22
Summary
Economic Planning Secretary Arsenio Balisacan said the Philippines now hopes to grow 3.5% to 4.5% in 2026, marking a downgrade to the government's target.
Higher oil prices tied to the Iran war drove the revision, raising pressure on an economy vulnerable to imported energy costs.
A domestic corruption crackdown also weighed on the outlook, adding uncertainty as the government recalibrates its economic expectations.
The cut signals a weaker near-term path for the Philippine economy as external geopolitical shocks and internal governance strains converge.