Philippine Economy Remains Resilient Amid Political Challenges, Says Economic Planning Secretary

Economic Planning Secretary Arsenio M. Balisacan affirmed that the Philippine economy continues to show resilience despite recent political upheavals and corruption controversies affecting the administration.

In a formal statement, Balisacan emphasized, "The Philippine economy remains strong despite recent governance challenges and continuing global uncertainties." He robustly defended the government’s economic team and its reform initiatives, asserting that these measures, if maintained, will enhance the country’s capacity to endure both internal and external shocks.

Balisacan underscored the continued commitment of the administration to implement structural reforms aimed at bolstering governance and raising productivity across key sectors. He cited several significant legislative efforts, including the Public-Private Partnership (PPP) Code, the Konektadong Pinoy Act, the CREATE MORE Act, and the Accelerated and Reformed Right-of-Way (ARROW) Act. These reforms are designed to accelerate infrastructure development, improve competitiveness, and expand market access.

He described the 4% economic growth recorded in the third quarter—a figure below expectations—as a "feat" achieved under challenging political circumstances and adverse global conditions. Moreover, Balisacan pointed out that international organizations project the Philippine economy to grow by 5.7% in 2026.

While acknowledging that recent events and external factors could impact short-term economic performance, Balisacan maintained that "the economy’s overall trajectory remains firm," supported by a robust labor force, steady investment inflows, and ongoing technological advancements that could drive growth up to 6%.

He reaffirmed that the economic team’s priorities remain aligned with the Philippine Development Plan 2023–2028, with intensified efforts to sustain reform momentum. "The government will continue to deploy fiscal, monetary, financial, technological, and social-protection policies, together with key legislative measures, to keep actual growth aligned with this potential," Balisacan stated. "Simultaneously, we have been laying down the necessary investments to future-proof the economy amid environmental, technological, and geopolitical disruptions."

In closing, Balisacan called on the business community, civil society groups, and the international community to actively collaborate with the government in advancing its reform agenda to ensure sustained economic growth and stability.