Philippines likely to miss economic growth target for 3rd straight year

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.

Department of Economy, Planning, and Development Secretary Arsenio Balisacan stated that achieving the downgraded growth target of 5.5% to 6.5% is now highly improbable.

Balisacan explained that the economy would need to grow by approximately 7% in the fourth quarter to reach the lower end of the target, a scenario he deems unlikely based on current data.

The economy has grown by 5% in the first three quarters of 2025, and sustaining this rate for the full year would still be considered respectable.

The Philippines also missed its economic growth targets in 2024, with growth at 5.6% against a goal of 6.0%-6.5%, and in 2023, achieving 5.5% against a target of 6.0%-7.0%.