Philippine GDP growth slows to 2.8% as Iran war batters economy

Economist predicts further slowdown in Q2 as inflation soars Jeepney drivers gather to receive government cash aid in Manila on April 16. Transportation workers are among those hit hardest by soaring fuel prices in the Philippines, which imports 98% of its oil needs. © Reuters MANILA — The Philippine economy grew 2.8% on an annualized basis in the January-March period, the slowest quarterly growth in five years, due to fallout from the Iran war, the government said Thursday.

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