GlobalSource Warns Marcos on 2.8% Philippine Growth as Farm Output Shrinks 2.2%

2 articles · Updated · bworldonline.com · Aug 4

Philippine growth slowed to 2.8% in the first quarter, prompting GlobalSource Partners to warn President Ferdinand Marcos Jr. that the economy could lose momentum without structural reforms.
GlobalSource said the administration has restored macroeconomic stability more effectively than it has delivered long-term fixes, leaving the economy short of the government's 6% to 8% full-year growth target.
Agriculture was flagged as the weakest policy area after agriculture, forestry and fishing contracted 2.2% in Q1, with inadequate irrigation, poor post-harvest facilities, modest yield gains and fragmented supply chains weighing on output.
The report also pointed to bureaucratic inefficiencies, procurement delays, weak project execution and regulatory uncertainty as barriers to investment, broadening the risk beyond farming to overall growth.