{"id":6690,"date":"2026-11-10T00:00:01","date_gmt":"2026-11-10T08:00:01","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=6690"},"modified":"2026-11-10T00:00:43","modified_gmt":"2026-11-10T08:00:43","slug":"philippine-economy-slows-to-2-1-in-q3","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=6690","title":{"rendered":"Philippine economy slows to 2.1% in Q3"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>1 Minute, 45 Second <\/div>\n\n <\/div>\n

\u00a0Philippine economic growth weakened to 2.1% in the third quarter of 2026, slower than the 2.4% growth in the second quarter.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The latest data from the Philippine Statistics Authority on Monday, November 9 extends the country’s weak expansion, as agriculture contracted and industry remained nearly flat.<\/p>\n\n\n\n

The last quarter’s rate is also lower than last year’s 4% for the same period.<\/p>\n\n\n\n

Services remained the main driver of growth, expanding by 3.7% from a year earlier and contributing 2.5 percentage points to overall GDP growth.<\/p>\n\n\n\n

Wholesale and retail trade and the repair of motor vehicles and motorcycles made the largest industry contribution at 0.8 percentage point.<\/p>\n\n\n\n

Agriculture, forestry and fishing contracted by 4.8%, while industry posted a marginal decline of 0.003%.<\/p>\n\n\n\n

Gross national income, meanwhile, grew by 2.7%.<\/p>\n\n\n\n

GDP measures the value of goods and services produced within the country’s borders. GNI measures income earned by the country’s residents, including net income from abroad.<\/p>\n\n\n\n

Drag on investments<\/strong><\/h2>\n\n\n\n

A clear weak spot behind the growth slowdown was investment, squeezed by higher borrowing costs and a sixth consecutive quarterly decline in public construction.<\/p>\n\n\n\n

The Bangko Sentral ng Pilipinas raised its key policy rate by 25 basis points to 5% in August. A subsequent 50-basis-point increase in October, after the third quarter ended, lifted the rate to 5.5%.<\/p>\n\n\n\n

Economic Planning Secretary Arsenio Balisacan said tighter financing conditions weighed on investment during the quarter.<\/p>\n\n\n\n

Still, Balisacan said higher rates could eventually support consumption and investment “if the BSP succeeds in anchoring inflation expectations back to target.”<\/p>\n\n\n\n

Headline inflation accelerated to 7.8% in October, driven by higher energy and transport costs and raising expectations of another rate increase at the central bank’s final policy meeting on December 17.<\/p>\n\n\n\n

Public construction, meanwhile, contracted for a sixth consecutive quarter as investigations into alleged nonexistent, incomplete or substandard flood-control projects slowed infrastructure spending.<\/p>\n\n\n\n

The investigations began in late 2025. Public construction had already been the largest contributor to the second quarter’s 9.2% decline in investment, according to data released in August.

Reprinted from The Philippine Star<\/p>\n

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