Typhoon, scandal hit Q3 growth

Public fury over flood control corruption and the toll of recent typhoons appear to have choked consumer confidence, potentially dragging the Philippines' economic growth to a below-target 5.2 percent in the third quarter of the year.

- By DERCO ROSAL

According to the latest edition of the University of Asia and the Pacific's (UA&P) report, the economy, as measured by the gross domestic product (GDP), likely cooled to 5.2 percent in the quarter ending September.

UA&P's projected slowdown follows the 5.5 percent second quarter expaction, matching the growth rate seen in the third quarter of 2024.

"We expect tepid GDP growth of 5.2 percent in the third quarter after a spate of typhoons and negative sentiments due to the flood control corruption issue," UA&P Senior Economist Dr. Victor Abola and Economist Marco Antonio Agonia said.