The Philippine economy grew 1.1% QoQ in Q1 of 2023, outperforming market expectations of a 0.9% rise. That marked the third consecutive quarterly expansion, albeit the weakest in the series, amid high-cost pressures and increased borrowing costs. Meanwhile, the country’s trade deficit rose to USD 4.93 bln in March 2023 from USD 4.59 bln in the same month a year earlier, as exports decreased more than imports due to weak overseas demand and lingering global headwinds.