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PH war shocks stalling recovery
Manila Bulletin
|April 20, 2026
High energy prices and persistent geopolitical instability are poised to deepen the Philippines’ external imbalances, heightening depreciation risks for an already fragile peso, according to analysts at Dutch financial giant ING
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ING wrote in its latest report, published last Friday night, that it has slashed its Philippine gross domestic product (GDP) growth projection to 4.5 percent from 5.2 percent previously, as the economy's high exposure to Middle East war shocks could arrest the rebound from its corruption-led slump.
“The Philippines remains one of the most oil-exposed economies in the region,” Chris Turner, ING global head of markets and regional head of research for UK & CEE, and Francesco Pesole, ING foreign exchange strategist, said.
This story is from the April 20, 2026 edition of Manila Bulletin.
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