Philippine Economy Slows to 2.8% in Q1 2026 Amid Oil Shock, Corruption

The Philippine economy's growth rate fell to 2.8% in the first quarter of 2026, missing government targets, primarily due to the impact of an oil shock and a corruption scandal.

7 May, 02:25 — 7 May, 02:25

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RapplerMostly Factual12h ago

Oil shock, corruption scandal drag Philippine economy’s growth to 2.8% in Q1 2026

The latest figure falls short of the government's target range of 5% to 6%, which was already lowered from the original range of 6% to 7%

By Tatiana Maligro

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Philippine Economy Slows to 2.8% in Q1 2026 Amid Oil Shock, Corruption

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Oil shock, corruption scandal drag Philippine economy’s growth to 2.8% in Q1 2026

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