President Ferdinand Marcos Jr. on Thursday said the present economic slowdown cannot be attributed solely to the flood control scandal, noting that climate-related disruptions and global economic pressures have also weighed heavily on the country.

The President made the statement after the peso hit a record low of P59.17 to $1 on Wednesday, with third-quarter GDP growth slipping to four percent and the stock market sliding to levels last seen during the pandemic.

“There really was a downturn in economic activity. You have to remember that it’s not only because of these problems. The typhoons, the missed working days in the economy due to climate change,” Marcos said in a Palace press briefing.

He stressed that the Philippines is not alone in experiencing a slower economy, pointing to global trade adjustments that have caused widespread shocks.

“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. And so we are all adjusting to that,” he said.

“That’s why the growth rates of all groups all around the world are falling,” he added.

Despite the economic headwinds, Marcos assured the public the government was implementing measures to stimulate recovery and ensure that public spending remained aligned with fiscal targets.

“We have taken many measures because public spending will now be increased. And to make sure that by the end of the year the levels of public spending are according to our original plan. So, we will recover what was lost in the third quarter,” he said.

Earlier this month, Marcos ordered the release of P1.307 trillion allocated for programmed spending. Budget Secretary Amenah Pangandaman said a large portion of the funds will support social services, agriculture, health and education programs.

Marcos maintained that the administration remained focused on stabilizing the economy and cushioning the effects of both man-made and natural disruptions.