Philippines first to lose a grip on Iran war-stoked inflation TOKYO — The Philippines’ shock inflation spike in April is a serious warning sign — an economic canary in the coal mine that shouldn’t be ignored. The 7.2% year-on-year jump is roughly double the first-quarter 3.4% growth rate. Clearly, the Philippines falling into the stagflation zone wasn’t on President Ferdinand Marcos Jr’s 2026 Bingo card.