First-quarter expansion falls short of analyst estimates, signaling weaker-than-anticipated economic momentum in the Southeast Asian nation.
The Philippines economy grew 2.8% year-on-year in the first quarter, below the 3.0% median forecast in a Reuters poll. The print marks a slowdown from the 5.5% expansion recorded in the same period last year.
Analysts had anticipated a stronger rebound following last year’s post-pandemic recovery. The government had previously targeted full-year growth of 6.0%-7.0%, but the latest data raises doubts about achieving that range.
Local equities and the peso showed limited reaction, with traders awaiting further policy signals from the central bank.