Philippine GDP growth slows further to 2.3% in Q2 as inflation bites

High fuel prices and corruption scandal continue to weigh on economy People visit Legazpi Sunday Market in Makati in Manila on Feb. 22: Rising living costs are a drag on consumer spending, on which the Philippine economy relies heavily. © Getty Images MANILA — The Philippine economy expanded 2.3% in the second quarter from a year earlier, as the country continues to grapple with an energy shock triggered by the Iran war and lower public spending brought on by a corruption scandal.

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