The Philippines is now grappling with the slowest growth and fastest inflation among Southeast Asia’s biggest economies, thanks to both a slump in domestic confidence and an over-dependence on Middle East oil, the price of which has spiked due to the Iran conflict. To meet the 2026 growth target of 3.5% to 4.5%, the economy must expand at least 4.4% in the second half, Economic Planning Secretary Arsenio Balisacan said at a briefing in Manila.