MANILA — The ASEAN+3 Macroeconomic Research Office (AMRO) has again cut its growth forecast for the Philippines.
AMRO cuts PH growth forecast to 4.1 pct
In its latest ASEAN+3 Regional Economic Outlook, the think tank slashed its growth outlook for the Philippines to 3.3 percent, from its 4.1 percent expectation in July. In April, AMRO expected the country's economy to grow by 5.3 percent.
It also set its inflation forecast for the Philippines at 5.6 percent, from 5.7 percent in July.
The Philippine economy grew by 2.3 percent in the second quarter of 2026, its slowest growth since the pandemic, because of lower domestic demand and declining public construction. This means growth for the first half of the year only clocked in at 2.6 percent, meaning the country faces a steep climb to meet its annual growth target of 3.5 to 4.5 percent.
The growth numbers mean that the Philippines has dropped from being one of the fastest-growing economies in Southeast Asia to one of the slowest, and Economic Planning Secretary himself said "the economy must grow by at least 4.4 percent in the second semester."
He noted, however, that the situation is temporary.
Balisacan said that the government also plans to protect consumer purchasing power through targeted cash and fuel subsidies.
He also said that government spending on infrastructure was picking up pace.
Economic managers: Slow growth temporary but PH needs to catch up
Aside from AMRO, the Asian Development Bank has also cut its growth outlook for the Philippines to 3.3 percent.