<p>[馬尼拉] 菲律賓在第一季度的經濟增長意外放緩，使該國在區域內表現不佳，給試圖抑制通脹和支持比索的政策制定者帶來了挑戰。</p>
<p>根據菲律賓統計局在週四（5 月 7 日）發佈的數據，國內生產總值在 1 月至 3 月期間同比增長 2.8%。這一增幅低於彭博社調查中 3.3% 的中位數預測，也低於上一季度的 3%。</p>
<p>投資在本季度下降了 3.3%，工業生產微降 0.1%。消費者支出同比增長 3%，而政府支出增長了 4.8%。</p>
<p>菲律賓股市沒有立即反應，交易中上漲約 2%，與區域性反彈相呼應。</p>
<p>令人失望的數據突顯了由於中東衝突導致的能源成本上升所造成的損害，經濟在經歷了一場腐敗醜聞後，公共投資和私人消費急劇放緩，已經面臨困境。上個月加息的中央銀行，由於比索疲軟和消費者價格飆升，幾乎沒有空間來支持經濟。</p>
<p>美國與伊朗的衝突使全球油價飆升，但菲律賓受到的影響尤為嚴重，因為其幾乎所有的石油需求都依賴於從中東進口。季度增長數據落後於印尼、馬來西亞和越南等鄰國。</p>
<p>另見</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>隨着通脹飆升至 7% 以上，菲律賓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>菲律賓中央銀行預計通脹將升至三年高點</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>菲律賓中央銀行加息，戰爭導致通脹超出目標</h3>
<h3>在新的全球秩序中駕馭亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>在戰爭爆發之前，菲律賓已經因數十億美元公共資金用於防洪項目的濫用而受到衝擊。這導致 2025 年的增長降至 4.4%，是十多年來疫情之外的最低增速。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中駕馭亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

菲律賓指數 MSCI ETF - iShares

<p>菲律賓經濟在第一季度意外放緩至 2.8%，低於 3.3% 的預期，原因是通貨膨脹上升和投資下降。消費者支出增長了 3%，而政府支出增加了 4.8%。經濟受到中東衝突導致的高能源成本和影響公共投資的腐敗醜聞的影響。由於比索貶值和價格飆升，中央銀行在支持經濟方面面臨挑戰。增長率落後於印尼和越南等地區鄰國，通貨膨脹率已飆升超過 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>[馬尼拉] 菲律賓在第一季度的經濟增長意外放緩，使該國在區域內表現不佳，給試圖抑制通脹和支持比索的政策制定者帶來了挑戰。</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>根據菲律賓統計局在週四（5 月 7 日）發佈的數據，國內生產總值在 1 月至 3 月期間同比增長 2.8%。這一增幅低於彭博社調查中 3.3% 的中位數預測，也低於上一季度的 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>投資在本季度下降了 3.3%，工業生產微降 0.1%。消費者支出同比增長 3%，而政府支出增長了 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>菲律賓股市沒有立即反應，交易中上漲約 2%，與區域性反彈相呼應。</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>令人失望的數據突顯了由於中東衝突導致的能源成本上升所造成的損害，經濟在經歷了一場腐敗醜聞後，公共投資和私人消費急劇放緩，已經面臨困境。上個月加息的中央銀行，由於比索疲軟和消費者價格飆升，幾乎沒有空間來支持經濟。</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>美國與伊朗的衝突使全球油價飆升，但菲律賓受到的影響尤為嚴重，因為其幾乎所有的石油需求都依賴於從中東進口。季度增長數據落後於印尼、馬來西亞和越南等鄰國。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>隨着通脹飆升至 7% 以上，菲律賓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>菲律賓中央銀行預計通脹將升至三年高點</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>菲律賓中央銀行加息，戰爭導致通脹超出目標</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中駕馭亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</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>在戰爭爆發之前，菲律賓已經因數十億美元公共資金用於防洪項目的濫用而受到衝擊。這導致 2025 年的增長降至 4.4%，是十多年來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>解碼亞洲通訊：您在新的全球秩序中駕馭亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

Philippine growth unexpectedly slows as inflation risks rise

- 菲律賓第一季度經濟增長僅 2.8%，低於預期 3.3%。  
- 投資下降 3.3%，公共投資與私人消費放緩。  
- 中東衝突導致能源成本上升，影響經濟復甦。

菲律賓經濟增長出乎意料地放緩，同時通脹風險上升