PH shares slip as inflation worries spoil GDP thrill

Philippine shares fell lower on Thursday on concerns elevated prices would hurt spending this year despite new government data showing the economy grew at its fastest pace in over 40 years in 2022.

the closing bell, the benchmark Philippine Stock Exchange index shed 0.55 percent, or 38.66 points, to 7,042.70 while the broader All Shares index slipped 0.27 percent, or 9.87 points, to 3,692.89.

The Philippine Statistics Authority said on Thursday the country’s gross domestic product (GDP) grew 7.6 percent in 2022—above the government’s target range of 6.5 percent to 7.5 percent.

Warning signs emerged, however, due to the slower pace of expansion in the fourth quarter at 7.2 p…

Keep on reading: PH shares slip as inflation worries spoil GDP thrill