The Philippine economy grew 4.3% YoY in Q2 2023, marking the slowest growth since 2011 and decelerating from 6.4% in Q1 2023. Household consumption increased 5.5% in Q2 2023, but government spending dropped 7.1%. Despite the deceleration, the country has observed economic growth for nine consecutive quarters. Still, officials remain optimistic about achieving the 6% growth target for 2023.