The Philippine economy grew 2.1% year over year in the third quarter of 2026, down from 2.4% in the previous quarter.
Falling farm output, weak investment and almost unchanged industry output held back growth. Growth was the slowest since 2009 outside the pandemic period. The Philippine Statistics Authority released the figures on November 9.
Growth was also below the 4% recorded in the same quarter a year earlier. After seasonal adjustment, gross domestic product rose only 0.1% from the second quarter. Agriculture, forestry and fishing contracted 4.8%.
Industry slipped by 0.003%. Services grew 3.7% and remained the main source of growth. Investment, measured as gross capital formation, fell 0.2%.
Household spending grew 2.4%, down from 2.9% in the previous quarter. Government consumption rose 6.8%. Exports climbed 8.6%.
These increases provided some support. Economic Planning Secretary Arsenio Balisacan cited high food and energy prices, agricultural disruptions and weak investment as key pressures. Storms and the enhanced southwest monsoon contributed to the decline in the farm sector.
Growth averaged 2.5% in the first nine months. This left the economy below the government’s 3.5%–4.5% target for 2026.