This brief provides an integrated assessment of the Philippine economy’s outlook, fiscal context, and associated risks. It begins with an evaluation of global and domestic macroeconomic performance, reviewing GDP trends from both expenditure and sectoral perspectives. Inflation developments are examined, alongside output gap estimates, to assess price stability and resource utilization. The macroeconomic outlook section presents DBCC projections as the basis for medium-term fiscal planning, alongside alternative forecasts from multilateral institutions and the CPBRD. The discussion then identifies key external and domestic risks that could affect growth and stability.