By Katherine K. Chan, Reporter and Justine Irish D. Tabile, Senior Reporter
S&P GLOBAL RATINGS and the Asian Development Bank (ADB) sharply downgraded their Philippine growth forecasts for this year as a weaker-than-expected first half and persistent economic headwinds threaten to stall the country’s recovery.
Based on its latest Economic Outlook for Asia-Pacific published on Wednesday, S&P cut its Philippine gross domestic product (GDP) growth projection for this year to 2.9% from 4.1%.
“We have lowered our growth forecast for 2026, reflecting the weaker-than-expected first-half growth and a more gradual recovery trajectory,” S&P Global Ratings Asia-Pacific Senior Economist Vishrut Rana said in an e-mailed response to questions. “It will take some time for the economy to recover its footing.”
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