MANILA, Philippines—Malacañang on Friday said the 2.3 percent recorded economic growth in the second quarter of the year was “lower than we hoped,” citing the impact of the Middle East conflict as a primary factor.
In a statement, Presidential Communications Office Undersecretary Claire Castro said the deceleration was a temporary setback driven by extraordinary external and domestic factors, reassuring the public that the slowdown will not define the country's broader trajectory.
“This result was lower than we had hoped. The numbers show the challenges we have faced, but they do not determine the country’s long-term direction,” she said.
Castro added that public construction also experienced a temporary pause as the government intensified efforts to root out corruption in infrastructure spending.
“As the government continues to speed up spending and release budgets more quickly, we hope the economy can start to pick up in the second half of the year as well,” she said.
