Philippine President Ferdinand R. Marcos, JR. on Thursday he promised that he spent government money in the fourth quarter, as the spread of corruption contributed to weaker growth than in the third quarter.
“We have used many methods because public spending will now increase to make sure that by the end of the year,” Mr. Marcos said in English and Filipino during a media briefing in Malacañang.
The Department of Finance and Administration (DBM) earlier said that P1.31 trillion is planned for recovery during October to December to boost economic growth.
In the third quarter, the growth of the Philippine Grossed Product (GDP) decreased to a four-year low of 4% from 5.5% increase in the second quarter and 5.2% last year.
The sharp decline in the economy was mainly due to the corruption problem that dampened government spending and affected consumers and Investor Debem.
In the first nine months of the year, GDP growth reached 5%, less than 5.9% in the same period last year, and below the annual target of 5.5-6.5%.
The government is investigating the Multibul-peso corruption scandal involving public works projects, where government officials are accused of colluding with private contractors to build tax infrastructure. It affected investor confidence in the Philippines, weighing on the stock market and the Philippine Peso.
Mr. Marcos vowed to put advisers behind ChristmasSTIME.
“They will not have a Merry Christmas. Before Christmas, they will be arrested,” she said.
Mr Marcos said the slowdown in economic activity in the third quarter could be partly blamed on the string of typhoons.
“It was really an economic drag. You have to remember that it’s not only because of these problems. Because of the storms,” he said.
Mr. Marcos also pointed out the slow growth of trade uncertainty, which also affects the world economy.
“They are not the only ones suffering from the shocks from the new global trade structure. Also, we are all changing that,” he added.
Since Aug. 7, the US has imposed a 19% duty on most textiles from the Philippines, Cambodia, Malaysia, Thailand and Indonesia.
DBCC review of target stones
Meanwhile, the Development Budget Coordinating Committee (DBCC) is scheduled to review its macroeconomic considerations and in the coming weeks, the Senate Committee on Finance Chairman Sherwin T. Gatchalian.
During the 2026 national budget organization debates, Mr Gatchalian said he was sure there would be a review of the growth targets.
“Next week the DBCC will meet again and discuss this, maybe a review in terms of our economic growth in 2025, and again in the following years 2025-2028,” said Mr Gatshalian.
This was in response to Senator Risa n. Hontiveros-baraquel if the weak growth of the third will improve the revision of DBCC objectives.
“We will have a lower economic forecast for the end of the year, about … 4.7-5%, Mr.
In June, the DBCC removed its growth forecast to 5.5-6.5% in 2025 and 6-7% in 2026, mainly because “global confidence is due to the Middle East Congriffs.
Mr Gatchalian said there are many factors that have affected the growth outlook, such as the recent series of typhoons and earthquakes.
Last week, economic secretary Arsenio M. Balisacan warned that hitting the lower end of the 5.5-6.5% target would be “a very big challenge,” with many storms expected for the quarter.
The following year, Mr Gatchalian flagged foreign policy such as US trade policies that would have a negative impact on growth.
At the same time, Mr. Gatchalian said that restoring public trust requires accountability, stressing that those involved in the flood of corruption must face charges and be arrested before they start.
“That’s why this whole flood control problem is giving us a lot of headaches in terms of debt issuance. But that’s why the administration is so frustrated to participate by putting themselves in jail,” he said.
FOLMOMENO S. STA. Ana III, coordinator of economic reforms, said that the slowdown in economic growth is also due to the government’s “consistent” lack of a “coherent” growth plan.
“The main reason that our GDP growth is below the target is that the current administration does not have a unified growth strategy, and the Philippine Health Corp.) and the Philippine Health Corp.) PDIC fee (Philippine (Philippine Health Corp.) etc.), “he said in a Viber message. – Chloe Mari A. Hufana and Aubrey rose a. with a baby
