9 April 2026Markets & Economy
S&P cuts Philippines outlook as Iran war strains growth
S&P Global cut the Philippines' outlook to stable from positive, citing heightened risks to the country's balance of payments and fiscal position from the Iran war. The Philippines declared the world's first state of energy emergency as oil prices above $80 per barrel threaten to push Q2 GDP growth below 3%. The peso has weakened toward 60 per dollar despite central bank intervention, while inflation at 2.4% has room to rise within the 2-4% target band.
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