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GDP Q1 GROWTH A MERE 2.8%; 2026 GOAL AT RISK www.businessmirror.com.ph
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By Justine Xyrah Garcia
SLUGGISH 2.8-percent economic expansion in the first quarter has made the government’s growth target a tall order this year, with economists warning that mounting domestic and global headwinds could further weigh on the country’s recovery momentum.
The Philippine Statistics Author‑ ity (PSA) on Thursday reported that the latest print marked the weak‑ est gross domestic product (GDP) growth since the 3.8-percent con‑ traction recorded in the first quar‑ ter of 2021 at the height of the pan‑ demic. Excluding the pandemic years, it was the slowest expansion since the fourth quarter of 2009, when the economy posted a 1.8-percent growth. For economists, the weak first quarter outturn suggests that the Marcos administration’s 5 to 6 per‑ cent growth target may now be out of reach. If missed, it would mark the fourth consecutive year that the government has failed to meet its
growth goal. “The real GDP growth target of the [government] in 2026 is I think no longer attainable,” Former Socio‑ economic Planning Secretary Dante B. Canlas told the BusinessMirror. Canlas said several factors have continued to weigh on growth, in‑ cluding the fallout from last year’s corruption scandal and the coun‑ try’s ballooning public debt. These, combined with prolonged tensions in the Middle East that have pushed up global oil prices and affected domestic supply, could make it more difficult for the econ‑ omy to regain momentum in the coming quarters. Ateneo de Manila University (ADMU) economist Alvin P. Ang
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Friday, May 8, 2026 Vol. 21 No. 206
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HIGH-LEVEL ARRIVALS Malaysian Prime Minister Anwar Ibrahim, accompanied by his wife Wan Azizah Wan Ismail, disembarks upon arrival at Mactan-Benito Ebuen Air Base ahead of the 48th Asean Summit in Cebu province on Thursday, May 7, 2026, as Cambodia’s Prime Minister Hun Manet and Indonesia’s President Prabowo Subianto also arrive for high-level talks, setting the stage for urgent regional discussions as Asean economic ministers flag concerns over the spillover effects of the Middle East energy crisis driven by the US–Israel–Iran conflict, which has tightened global oil supply through the Strait of Hormuz and pushed fuel prices past P80 per liter in parts of the region. Trade Secretary Cristina Aldeguer-Roque noted that members of the 11-nation bloc are weighing coordinated responses—including petroleum security cooperation and deeper digital integration via proposed Asean frameworks—to cushion inflationary pressures, stabilize energy access, and protect vulnerable economies across Southeast Asia. EZRA ACAYAN AND JACQUELINE HERNANDEZ/POOL PHOTOS VIA AP
LONG‑TERM ENERGY CRISIS WORRIES ASEAN TRADE CHIEFS By Malou Talosig‑Bartolome
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APU‑LAPU CITY—Eco‑ nomic ministers of the 11‑member Association of Southeast Asian Nations (Asean) voiced concern that the energy crisis triggered by the US‑Israel war against Iran could have lasting effects on the re‑ gion. Trade Secretary Cristina Al‑ deguer‑Roque said that at their meeting Thursday in Cebu, her Asean counterparts shared how their economies are coping with the surge in oil prices. “We compared how we han‑ dled the Middle East crisis. It’s not just short‑term—it looks like it will have a long‑term ef‑ fect,” Aldeguer‑Roque, chair of
See “Growth,” A2
the Asean Economic Ministers’ Meeting, told the BusinessMirror after talks at Shangri‑La Mac‑ tan Hotel. The closure of the Strait of Hormuz has disrupted nearly 20 percent of global oil supply, sending prices up more than 50 percent. Economic ministers also met with their foreign minister counterparts on Thursday, with the Middle East crisis again tak‑ ing center stage. According to the Department of Foreign Affairs, the joint ses‑ sion identified practical response measures—strengthening en‑ ergy security, safeguarding food supplies, and coordinating hu‑ manitarian efforts. See “Crisis,” A2
‘Arsi’ open to widening income tax exemptions By Justine Xyrah Garcia
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RSENIO M. BALISACAN, the country’s chief econo‑ mist, is keeping an open mind on proposals to expand in‑ come tax exemptions if the gov‑ ernment can replace the revenues needed to sustain public spending. Balisacan, who also heads the Department of Economy, Planning and Development (DepDev), said on Thursday that any reduction in income taxes must be matched with alternative revenue sources to avoid weakening the government’s capac‑ ity to fund basic services and infra‑ structure projects. “I am in favor of reducing taxes, especially those that burden the poor and the middle class, but we have to find replacement for very
much needed tax revenues,” Bali‑ sacan said during a chance inter‑ view. “Unless we are able to do that, what you remove might actually hurt the very group that you are trying to help,” he added. Several lawmakers have filed pro‑ posals in recent months seeking to amend income tax rates for individ‑ ual taxpayers as households grapple with rising prices amid global sup‑ ply uncertainties and tensions in the Middle East. Among these is the proposed Patas na Ambag sa Tax para sa Angat-Sahod (PATAS) bill filed by the Trade Union Congress of the Philippines (TUCP). The measure seeks to exempt employees earning P50,000 and below monthly, or up See “Tax,” A2
PESO EXCHANGE RATES n US 61.3770 n JAPAN 0.3929 n UK 83.4359 n HK 7.8335 n CHINA 9.0084 n SINGAPORE 48.4122 n AUSTRALIA 44.4185 n EU 72.1425 n KOREA 0.0425 n SAUDI ARABIA 16.3615 Source: BSP (May 7, 2026) TEAM GENERAL CLASSIFICATION TOP 3
STAGE 8 May 7, 2026 (Thursday)
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