Nomura Securities Lowers Philippines 2026 GDP Growth Forecast

Nomura Securities has revised its GDP growth forecast for the Philippines in 2026 from an earlier estimate of 5.0% to 4.6%. According to Jin10, this adjustment follows weak GDP growth data for the first quarter and ongoing tensions in the Middle East. In a research report, Nomura Securities highlighted that the Philippines' GDP growth slowed from 3.0% in the previous quarter to 2.8% in the first quarter, affected by the aftermath of domestic corruption scandals and ongoing fiscal tightening policies. The report also noted that the country's GDP growth momentum in the first half of the year is expected to remain weak, partly due to a decline in private investment spending. Additionally, Nomura Securities mentioned that rising energy prices, driven by Middle East conflicts, have increased inflation levels, further eroding the purchasing power of domestic households.