President Ferdinand Marcos Jr. said on Thursday that the country’s poor economic performance cannot be attributed solely to the flood control scandal.

This comes as the peso hit an all-time low on Wednesday, with the exchange rate reaching $1 to P59.17.

Marcos said climate change and the recent storms have also contributed to the economic slowdown.

“There really was a downturn in economic activity. You have to remember that it's not only because of these problems. The typhoons. The misses during working days in the economy due to climate change,” he said.

Marcos explained that the Philippines is not the only country facing weakening economic performance.

“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.

Measures in place

Despite the slowdown, Marcos assured the public that the government has been implementing steps to ensure an increase in public spending.

“We have taken many measures. 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, we will recover what was lost in the third quarter,” he said.

Earlier this month, the President ordered the release of ₱1.307 trillion in funds allocated for programmed spending.

According to Budget Secretary Amenah Pangandaman, a large portion of this fund has been earmarked for programs under social services, agriculture, health, and education.