'Sharp' GDP slowdown in Q3 feared

Foreign banking giants have forecast that flood control scandals, which were a major red flag for investors, caused economic growth to slow "sharply" in the third quarter of the year, prompting the government to spend infrastructure funds cautiously.

- By DERCO ROSAL

SMDC GOES SOLAR WITH BUSKOWITZ -- SM Development Corp. (SMDC) formalized a sustainability partnership with Buskowitz Energy Inc. for the installation of solar energy systems across multiple SMDC Nature developments. The Memorandum of Agreement signing was held during the SMDC Nature Media Launch on Oct. 30, at Conrad Manila. In photo (from left): Erick-Berth Calupe, Senior Vice President - Head of Property Management; James Carlos P. Buskowitz, President and CEO of Buskowitz Energy Inc.; Jessica Bianca T. Sy, Vice President - Head of Design, Innovation and Strategy; and Susan G. Nicdao, Vice President - Head of SMDC Nature, led the ceremony. This partnership reinforces SMDC's commitment to sustainability and supports SM Prime's Net Zero by 2040 roadmap.

Singapore-based DBS Bank Ltd. and United Overseas Bank (UOB) expect gross domestic product (GDP) growth to have slowed to 5.2 percent during the July-September period from 5.5 percent in the April-June period, well below the lowered growth goal of 5.5 percent to 6.5 percent.