Philippine GDP growth slows further to 2.3% in Q2 as inflation bites

EconomyHigh fuel prices and corruption scandal continue to weigh on economyPeople visit Legazpi Sunday Market in Makati in Manila on Feb. 22: Rising living costs are a drag on consumer spending, on which the Philippine economy relies heavily. © Getty ImagesRAMON ROYANDOYANAugust 7, 2026 11:02 JSTMANILA -- The Philippine economy expanded 2.3% in the second quarter from a year earlier, as the country continues to grapple with an energy shock triggered by the Iran war and lower public spending brought on by a corruption scandal.