<p>[马尼拉] 菲律宾在第一季度的经济增长意外放缓，使该国在区域内表现不佳，给试图抑制通胀和支持比索的政策制定者带来了挑战。</p>
<p>根据菲律宾统计局在周四（5 月 7 日）发布的数据，国内生产总值在 1 月至 3 月期间同比增长 2.8%。这一增幅低于彭博社调查中 3.3% 的中位数预测，也低于上一季度的 3%。</p>
<p>投资在本季度下降了 3.3%，工业生产微降 0.1%。消费者支出同比增长 3%，而政府支出增长了 4.8%。</p>
<p>菲律宾股市没有立即反应，交易中上涨约 2%，与区域性反弹相呼应。</p>
<p>令人失望的数据突显了由于中东冲突导致的能源成本上升所造成的损害，经济在经历了一场腐败丑闻后，公共投资和私人消费急剧放缓，已经面临困境。上个月加息的中央银行，由于比索疲软和消费者价格飙升，几乎没有空间来支持经济。</p>
<p>美国与伊朗的冲突使全球油价飙升，但菲律宾受到的影响尤为严重，因为其几乎所有的石油需求都依赖于从中东进口。季度增长数据落后于印尼、马来西亚和越南等邻国。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/74c54ccaaaa934363967f711a996c5e40dabe3df15f51218862b2cfc00d39a61/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/74c54ccaaaa934363967f711a996c5e40dabe3df15f51218862b2cfc00d39a61/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>随着通胀飙升至 7% 以上，菲律宾可能需要更大幅度的加息</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4a039a3ff95f4aacdf57f432c470d4ef76efa3168ef0a4eef9d1c611b57d30f8/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4a039a3ff95f4aacdf57f432c470d4ef76efa3168ef0a4eef9d1c611b57d30f8/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>菲律宾中央银行预计通胀将升至三年高点</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/484a8b09ee772f514681d4d4aaeebe11a919f312861e19c4d92a05d9189f420e/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/484a8b09ee772f514681d4d4aaeebe11a919f312861e19c4d92a05d9189f420e/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>菲律宾中央银行加息，战争导致通胀超出目标</h3>
<h3>在新的全球秩序中驾驭亚洲</h3>
<p>获取洞察，送达您的邮箱。</p>
<p>在战争爆发之前，菲律宾已经因数十亿美元公共资金用于防洪项目的滥用而受到冲击。这导致 2025 年的增长降至 4.4%，是十多年来疫情之外的最低增速。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中驾驭亚洲的指南。点击这里注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>

菲律宾指数 MSCI ETF - iShares

<p>菲律宾经济在第一季度意外放缓至 2.8%，低于 3.3% 的预期，原因是通货膨胀上升和投资下降。消费者支出增长了 3%，而政府支出增加了 4.8%。经济受到中东冲突导致的高能源成本和影响公共投资的腐败丑闻的影响。由于比索贬值和价格飙升，中央银行在支持经济方面面临挑战。增长率落后于印尼和越南等地区邻国，通货膨胀率已飙升超过 7%</p>

<p>[MANILA] Philippine growth unexpectedly slowed in the first quarter, making the country a laggard within the region and challenging policymakers trying to cool inflation and support the peso.</p>
<div class="lb-trans"><p>[马尼拉] 菲律宾在第一季度的经济增长意外放缓，使该国在区域内表现不佳，给试图抑制通胀和支持比索的政策制定者带来了挑战。</p>
</div><p>Gross domestic product rose 2.8 per cent in the January-to-March period from a year earlier, the Philippine Statistics Authority said on Thursday (May 7). That’s lower than the 3.3 per cent median forecast in a Bloomberg News survey and below the 3 per cent pace of the previous quarter.</p>
<div class="lb-trans"><p>根据菲律宾统计局在周四（5 月 7 日）发布的数据，国内生产总值在 1 月至 3 月期间同比增长 2.8%。这一增幅低于彭博社调查中 3.3% 的中位数预测，也低于上一季度的 3%。</p>
</div><p>Investment fell 3.3 per cent in the quarter, and industrial production edged down 0.1 per cent. Consumer spending rose 3 per cent from a year earlier, while government spending gained 4.8 per cent.</p>
<div class="lb-trans"><p>投资在本季度下降了 3.3%，工业生产微降 0.1%。消费者支出同比增长 3%，而政府支出增长了 4.8%。</p>
</div><p>There was no immediate reaction in Philippine stocks, which were trading about 2 per cent higher amid a regional rally.</p>
<div class="lb-trans"><p>菲律宾股市没有立即反应，交易中上涨约 2%，与区域性反弹相呼应。</p>
</div><p>The disappointing data underscores the damage caused by rising energy costs due to the Middle East conflict, with the economy already struggling after a corruption scandal led to a drastic slowdown in public investment and private consumption. The central bank, which last month raised interest rates, has little room to support the economy because of peso weakness and surging consumer prices.</p>
<div class="lb-trans"><p>令人失望的数据突显了由于中东冲突导致的能源成本上升所造成的损害，经济在经历了一场腐败丑闻后，公共投资和私人消费急剧放缓，已经面临困境。上个月加息的中央银行，由于比索疲软和消费者价格飙升，几乎没有空间来支持经济。</p>
</div><p>The US conflict with Iran has spiked oil prices globally, but the Philippines is particularly affected because it imports nearly all of its oil requirements from the Middle East. The quarterly growth reading lagged that of neighbours such as Indonesia, Malaysia and Vietnam.</p>
<div class="lb-trans"><p>美国与伊朗的冲突使全球油价飙升，但菲律宾受到的影响尤为严重，因为其几乎所有的石油需求都依赖于从中东进口。季度增长数据落后于印尼、马来西亚和越南等邻国。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/74c54ccaaaa934363967f711a996c5e40dabe3df15f51218862b2cfc00d39a61/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/74c54ccaaaa934363967f711a996c5e40dabe3df15f51218862b2cfc00d39a61?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Philippines may need larger rate hike as inflation soars past 7%</h3>
<div class="lb-trans"><h3>随着通胀飙升至 7% 以上，菲律宾可能需要更大幅度的加息</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4a039a3ff95f4aacdf57f432c470d4ef76efa3168ef0a4eef9d1c611b57d30f8/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/4a039a3ff95f4aacdf57f432c470d4ef76efa3168ef0a4eef9d1c611b57d30f8?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Philippine central bank sees inflation rising to three-year high</h3>
<div class="lb-trans"><h3>菲律宾中央银行预计通胀将升至三年高点</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/484a8b09ee772f514681d4d4aaeebe11a919f312861e19c4d92a05d9189f420e/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/484a8b09ee772f514681d4d4aaeebe11a919f312861e19c4d92a05d9189f420e?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Philippine central bank hikes rate as war sends inflation past target</h3>
<div class="lb-trans"><h3>菲律宾中央银行加息，战争导致通胀超出目标</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中驾驭亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察，送达您的邮箱。</p>
</div><p>Before the war erupted, the Philippines had already been rocked by revelations that billions of US dollars in public funds meant for flood-control projects had been misused. That led 2025 growth to slump to 4.4 per cent, the weakest pace in more than a decade outside the pandemic. BLOOMBERG</p>
<div class="lb-trans"><p>在战争爆发之前，菲律宾已经因数十亿美元公共资金用于防洪项目的滥用而受到冲击。这导致 2025 年的增长降至 4.4%，是十多年来疫情之外的最低增速。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中驾驭亚洲的指南。点击这里注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
</div>

Philippine growth unexpectedly slows as inflation risks rise

- 菲律宾第一季度经济增长仅 2.8%，低于预期 3.3%。  
- 投资下降 3.3%，公共投资与私人消费放缓。  
- 中东冲突导致能源成本上升，影响经济复苏。

菲律宾经济增长出乎意料地放缓，同时通胀风险上升