The Philippine economy grew at the fastest pace since 1988 in the second quarter driven by strong household spending, investment and exports, data published by the Philippine Statistics Authority showed on Tuesday.
Gross domestic product rebounded 11.8 percent year-on-year, in contrast to the 3.9 percent decline seen in the first quarter.
This was the biggest expansion since the fourth quarter of 1988, when GDP gained 12 percent. The annual growth exceeded economists' forecast of 10 percent and also marked the first growth in six quarters.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.