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High-rise buildings in the Ortigas Business Center are seen on Wednesday, Nov. 5. In a report by Bloomberg, the Philippine Stock Exchange Index has dropped 20 percent over the past decade, ranking as the worst performer among major global benchmarks. In contrast, Asia-Pacific stocks climbed 72 percent, while Indonesia’s Jakarta Composite Index soared 82 percent. Photo by Santi San Juan | MB
The Philippine economy slowed sharply in the third quarter of the year, posting a 4.0 percent year-on-year growth from the 5.5 percent recorded in the second quarter and missing analyst forecasts of 5.3 percent.
Based on the data from the Philippine Statistics Authority (PSA), the disappointing print was primarily caused by a 2.8 percent decline in gross capital formation or investment, signaling a major drag from both public and private sector spending.
The third-quarter expansion brought the country’s average gross domestic product (GDP) growth for the first nine months of the year to 5.0 percent. This pace puts the economy at risk of missing the government’s full-year growth target range of 5.5 percent to 6.5 percent.
(Ricardo M. Austria)
