Philippine economy's downturn' not only due to corruption, says Marcos

President Ferdinand R. Marcos Jr. on Thursday acknowledged that the recent economic slowdown in the Philippines is not solely linked to the ongoing corruption scandal, but also to natural calamities and global economic challenges.

In a press briefing at the Malacañang Palace, Marcos addressed concerns over the peso hitting an all-time low, the third-quarter GDP slowing to 4%, and the stock market performing at levels seen during the pandemic.

“The reason that we had that is that we... There really was a downturn in economic activity. You have to remember it's not only because of these problems,” Marcos said, citing typhoons and lost working days due to climate change as contributing factors.

He also pointed to global economic shifts, saying the Philippines is adjusting to shocks from new international trade structures that affect economies worldwide.

“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 stressed.

“And so we are all adjusting to that. Kaya ‘yung mga growth rate na lahat ng grupo all around the world is falling,” he added.

Despite these challenges, the President assured that the government is taking measures to stimulate growth, emphasizing efforts to meet the original fiscal plan by year-end.

“Marami tayong measures na ginawa. Because the public spending will now 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.”