Philippine economy expanded 5.7% in Q1 but headwinds persist

MANILA -- The Philippine economy grew by 5.7% in the January-March period, anchored by household spending and exports, but slower growth ahead is feared due to accelerating inflation and high interest rates.

The first quarter's growth was higher than the 5.5% recorded in the preceding quarter, according to data released by Philippine Statistics Authority on Thursday. The government said in April that it expects the economy to grow between 6.0% and 7.0% this year.