Nomura Securities expects Philippines GDP growth to slow to 4.6% in 2026

Golden Ten Data reported on May 11 that, given the weak GDP growth data for the Philippines in the first quarter and the ongoing impact of heightened Middle East tensions, Nomura Securities has revised its GDP growth forecast for the Philippines in 2026 down from the previous expectation of 5.0% to 4.6%. In a research report, Nomura Securities noted that due to the aftermath of domestic corruption scandals and ongoing fiscal tightening policies, the Philippines' GDP growth rate slowed from 3.0% in the previous quarter to 2.8% in the first quarter. Partially dragged down by soft private investment spending and other factors, the country's GDP growth momentum will likely remain weak in the first half of the year. Nomura Securities further added that, as a result of rising energy prices triggered by the Middle East conflict, the country's inflation has been pushed higher, thereby eroding household purchasing power.