President Ferdinand ”Bongbong” Marcos Jr. on Thursday admitted that there has been a downturn in the country’s economy, attributing this to typhoons that hit the Philippines and the global economic situation.
During a press briefing, Marcos was asked how the government can recover investor confidence amid the peso hitting a fresh record-low, as well as the slower gross domestic product rate.
”There really was a downturn in economic activity. You have to remember it’s not only because of these problems. ‘Yung bagyo, ‘yung nawala na working days sa ano natin sa ekonomiya natin because of climate change,” Marcos said.
”And you have to also remember the situation, the global situation. We are not the only ones suffering the shocks that come from the new trade structure that has been imposed on the rest of the world,” he added.
Marcos, however, is confident that the public spending would increase by the end of the year and recover by the end of the year.
”But marami tayong measures na ginawa. Because the public spending now will be increased and – to make sure that by the end of the year, that the levels of public spending are according to our original plan. So, mababawi natin ‘yung nawala sa third quarter,” Marcos said.
(We have measures in place… We will recover what we lost in the third quarter.)
The Philippine peso weakened for the second straight trading day on Wednesday to carve a fresh record low, dragged by political noise and the appreciation of the US dollar against most global currencies.
The local currency shed 18.5 centavos to close at P59.17:$1, its weakest performance to date after surpassing the previous low of P59.13:$1 on October 28, 2025. It closed Tuesday at P58.985:$1.
Meanwhile, the country’s GDP —the value of goods and services produced in a period— grew by 4% in the July to September 2025 period, which was slower than the 5.5% growth rate seen in the April to June 2025 period.
The government has said it is implementing ”strategic interventions aimed at bolstering investor confidence and consumer trust and thereby accelerating economic growth.”
About the Author
