Philippine GDP growth further slows to 2.1% in Q3, dragged by 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 July-September period, the weakest quarterly growth in more than five years, as accelerating inflation continues to sap household spending.