Philippine economic growth slows further to 2.1% in Q3 2026

BUSINESS DISTRICT. The skyline of Bonifacio Global City.

Patrick Roque/Wikimedia Commons

The latest GDP figure is even lower than the revised 2.4% growth recorded in Q2 2026, and also below the revised 4% posted in Q3 2025

MANILA, Philippines – The Philippine economy slowed even further in the third quarter of 2026, posting its weakest growth since 2009, excluding the pandemic years.

Gross domestic product (GDP), the common measure of the economy based on the value of goods and services produced locally, expanded by 2.1% year-on-year in Q3 2026, the Philippine Statistics Authority said on Monday, November 9.

That is even lower than the revised 2.4% growth recorded in Q2 2026, and also below the revised 4% posted in Q3 2025.

This also marks the fifth consecutive quarter of slowing growth, from 5.5% in Q2 2025 to 4% in Q3 2025, 3% in Q4 2025, 2.8% in Q1 2026, and 2.4% in Q2 2026.

The latest GDP figure leaves even less room for the government as it faces a difficult climb toward its already slashed full-year growth target of 3.5% to 4.5%.

Ahead of the release, Bank of the Philippine Islands lead economist Emilio Neri Jr. warned that private construction continued to weaken, while consumers were still hesitant to spend for discretionary goods as inflation squeezed their wallets. (READ: The urban Filipino is tired, cash-strapped, and sick of the ‘resilience’ excuse)

In its midyear Philippines Economic Update, the World Bank projected economic growth of 3.7% for 2026, with fixed investment expected to contract by 0.5% and private consumption growth slowing to 3.5%. The bank maintained its overall GDP forecast in October.

Meanwhile, the ASEAN+3 Macroeconomic Research Office cut its growth forecast for 2026 to only 3.3%. – Rappler.com