MANILA, Philippines — The Philippine economic growth plunged to 2.8 percent in the first three months of the year, the Philippine Statistics Authority (PSA) reported on Thursday.
This is markedly lower than the 5.4 percent recorded in the same period last year and 3.0 percent three months earlier. This is the slowest growth recorded since the first quarter of 2021 when it contracted by 3.8 percent.
Socioeconomic Planning Secretary Arsenio Balisacan said the slowdown was mainly due to combined impacts of significant domestic and global headwinds.
