PH economy remains strong, says Balisacan

The Philippine economy remains on solid footing despite recent domestic challenges and global uncertainties, according to the country’s chief economist.

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"Our sound macroeconomic fundamentals—sustained growth, easing inflation, a healthy labor market, a manageable fiscal deficit and public debt, a broadly stable currency and external position, and a robust banking system—continue to anchor our resilience," Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan said in a statement on Thursday, Nov. 20.

"Hard-won reforms passed, implemented, and sustained over the years have consistently strengthened our ability to weather periods of domestic or external turbulence. Amid political noise and global headwinds, the economy continued to expand," he added.

While gross domestic product (GDP) growth slowed to a 4.5-year low of four percent in the third quarter, economic expansion averaged five percent during the first nine months, he noted, adding that international institutions forecast an average growth rate of 5.7 percent for 2026.

The government targets full-year growth of 5.5 to 6.5 percent for this year and six to seven percent for next year.

Balisacan emphasized that the country’s structural strengths include a robust labor force, steady capital investment, improving productivity, and continued technological progress. These factors, he said, support a potential growth rate of at least six percent annually.