GMA News
Peso weakens to P59:$1 amid missed economic growth targets
The Philippine peso weakened against the US dollar, closing at P59.022 on Thursday.
This decline is attributed to expectations that the country's economic growth will miss the government's target range of 5.5-6.5% for the year.
Economy Secretary Arsenio M. Balisacan stated it is 'very unlikely' the target will be met.
If full-year growth falls below 5.5%, 2025 would mark the third consecutive year the Philippines fails to achieve its economic target.
The peso's weakness also reflects concerns over the third-quarter GDP growth, which slowed to 4.0%, the weakest in four years.
This marks the lowest growth since the 3.8% recorded in the first quarter of 2021.
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See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippines is projected to miss its economic growth target for the third consecutive year in 2025 due to a weaker-than-expected third-quarter performance and concerns over corruption affecting consumer and investor confidence.
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Economic planners now consider it unlikely that the Philippines will meet its 2025 Gross Domestic Product (GDP) growth target of 5.5 to 6.5 percent.
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The Philippine economy is projected by the Philippine Institute for Development Studies (PIDS) to grow by five percent in the fourth quarter of 2025, an improvement from the previous quarter's performance.
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The Organisation for Economic Co-operation and Development (OECD) has significantly reduced its Gross Domestic Product (GDP) growth forecasts for the Philippines, expecting it to miss government targets until 2027.
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The Philippine peso weakened to a near two-week low of P58.92 against the US dollar on Wednesday.
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