An International Monetary Fund staff team completed its 2026 Article IV mission to the Philippines after meetings in Manila from September 15 to 25. The team reported that year-on-year growth slowed to 2.3% in the second quarter and projected full-year growth of 3.4% in 2026, followed by 5.1% in 2027. It also projected average headline inflation of 5.6% this year and 4.1% in 2027.

The IMF cited reduced public construction investment, weaker business confidence, natural disasters and the effect of the Middle East conflict on imported fuel and gas costs. It projected a current-account deficit of 4.8% of GDP in 2026. The team recommended a data-dependent monetary stance, a credible medium-term fiscal path and structural reforms to raise productivity and crowd in private investment. These are staff recommendations from a mission, not a completed Executive Board review.