Philippines Revises Second-Quarter GDP Growth Upward to 2.4%

The Philippine Statistics Authority revised the second-quarter 2026 gross domestic product growth upward to 2.4% from a preliminary estimate of 2.3%. This adjustment was driven by growth revisions in wholesale and retail trade, transportation and storage, and agriculture.

Despite the slight increase, the figure represents the weakest economic performance in over 16 years, excluding the 2021 pandemic contraction. The 2.4% growth is a significant decline from the 5.5% recorded during the same period last year and follows a 2.8% expansion in the first quarter.

First-half growth averaged 2.6%, leaving the country trailing the government's full-year target of 3.5% to 4.5%. Additionally, gross national income growth for the quarter remained at 2.2%, while net primary income from the rest of the world was revised down to 0.8%.