Gov't cuts growth outlook for newly upgraded upper-middle-income Philippines

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Bonifacio Global City in Taguig on October 21, 2025.

Jire Carreon/Rappler

Economic managers expect growth to moderate this year due to 'heightened domestic and external uncertainties,' including governance-related issues, geopolitical tensions in the Middle East, and other global developments affecting business and consumer confidence

MANILA, Philippines – Days after the Philippines finally hit upper-middle-income status, the government’s own economic managers offered a sobering outlook: growth may be slower than expected, and inflation could stay above target amid risks from oil prices, weather shocks, and “governance-related issues.”