ADB reviews Philippines growth outlook after weak third-quarter GDP
The Asian Development Bank is reassessing its growth estimates for the Philippines after the economy posts a weaker-than-expected third-quarter performance. The review comes ahead of the bank's next Asian Development Outlook on Dec. 7 and adds to concerns over geopolitical and weather-related risks.
Highlights
- Asian Development Bank is reviewing its Philippine growth estimates after third-quarter GDP expanded by 2.1%, the weakest since 2009.
- In July, ADB lowered its 2026 GDP growth forecast for the Philippines to 3.3% from 3.8%, citing ongoing assessment of risks.
- Geopolitical and weather shocks key drivers behind cautious outlook, with ADB expecting the Philippines to be among Southeast Asia's slowest-growing economies.
Outlook review ahead of December update
As reported by BusinessWorld Online, the Asian Development Bank says it is reviewing its growth estimates for the Philippines following the country's lackluster third-quarter economic performance. ADB Country Director for the Philippines Andrew Jeffries tells reporters on the sidelines of the ASEAN Business & Investment Summit that the bank is still assessing new information and will wait for more data.The ADB is set to release its next Asian Development Outlook on Dec. 7. In July, the multilateral lender cut its 2026 gross domestic product growth forecast for the Philippines to 3.3% from 3.8%.
Risks deepen for Philippine economy
The bank cites geopolitical and weather shocks as key risks to the Philippine growth outlook. It also expects the Philippines to be one of the slowest-growing economies in developing Southeast Asia.The Philippine economy expands by 2.1% in the third quarter, the weakest reading since the 1.8% expansion recorded in the fourth quarter of 2009. Separately, Philippine economic managers lower their full-year GDP growth forecast to 3.5% to 4.5% in June amid external and domestic challenges.
We have also discussed the broader context around structural constraints as the Philippines’ Q3 growth slowed to 2.1% alongside soft demand.
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