Philippine GDP grows 2.1% in Q3, dragged by high inflation

AI-driven semiconductor exports country's 'only bright spot,' economist says Vehicles drive through Chinatown in Manila. The Philippines, which is heavily reliant on oil imports, has seen inflation soar since the start of the U.S.-Israeli attacks on Iran in February and the resultant global energy shocks. © Reuters MANILA -- The Philippine economy expanded 2.1% year on year in the third quarter as accelerating inflation continues to sap household spending, casting doubts that the government will meet its already lowered growth target this year.