PHILIPPINE economic growth likely remained muted in the first quarter, weighed down by the lingering fallout from the flood control scandal and rising costs driven by the oil crisis, analysts said.
In a report dated May 1, Nomura Global Markets Research said gross domestic product (GDP) may have expanded by 2.9% in the January-March period, slowing from 3% in the previous quarter and 5.4% in the same period last year.
“We expect GDP growth to moderate further to 2.9% year on year in Q1 from 3% in Q4, still led by a slump in construction activity due to the corruption controversy,” it said.
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