Postpandemic low: Economy likely grew by just 2.5% in Q2, says UA&P

MANILA, Philippines — The Philippine economy may have lost further momentum in the second quarter, with growth slipping to another postpandemic low as stubborn inflation weighed on consumer spending and weak business confidence curbed investment.

This is according to University of Asia and the Pacific (UA&P) economists, who lowered growth forecast for the April-to-June period to 2.5 percent from the previous estimate of 2.6 percent. If realized, it would be weaker than the already subdued 2.8 percent expansion in the first quarter.

READ: PH Q2 growth seen easing to over 17-year low

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In its latest The Market Call report, UA&P said there were signs of relief in June after oil prices had eased following a ceasefire between the United States and Iran. Inflation slowed to 6.4 percent from 6.8 percent a month earlier, though it remained more than double the 3 percent target of the Bangko Sentral ng Pilipinas (BSP).FEATURED STORIES