MANILA, May 7 (Xinhua) -- The Philippines' gross domestic product (GDP) in the first quarter of 2026 grew by 2.8 percent year-on-year, slightly lower than the 3 percent growth in the previous quarter, the Philippine Statistics Authority (PSA) said Thursday.

At a press conference, PSA head Dennis Mapa said that among the main contributors to the January-March quarter growth were wholesale and retail trade; financial and insurance activities; and public administration and defense.

Secretary of the Department of Economy, Planning and Development Arsenio Balisacan noted that the first-quarter growth reflects the combined impact of significant domestic and global challenges, such as the lingering effects of the flood-control corruption controversy and the conflict in the Middle East.

The Asian Development Bank (ADB) has forecast that the country's GDP will grow by 4.4 percent in 2026, followed by 5.5 percent in 2027. ■