President Marcos attributed the country’s slower third-quarter economic growth to climate disruptions and global headwinds, assuring that a surge in public spending would help restore momentum before the year ends.

Marcos said this as the peso hit a record low of P59.17 to the US dollar on Wednesday, Nov. 12, and the stock market slid to levels not seen since the pandemic, amid investor uncertainty fueled by corruption probes and global volatility.

In a press conference at Malacañan, the President said the four percent gross domestic product (GDP) growth in the third quarter reflected “a downturn in economic activity,” but noted that the causes extend beyond the recent corruption controversy.

“You have to remember that it’s not only because of these problems. Yung bagyo, yung nawala na working days sa ekonomiya natin because of climate change (The typhoons and the lost working days in our economy because of climate change),” he said on Thursday, Nov. 13.

Marcos said the government would push through with its spending catch-up plan to ensure that “by the end of the year, the levels of public spending are according to our original plan.”

“We will recover what we lost in the third quarter,” the President said, adding that several infrastructure and relief programs are being accelerated to offset the slowdown.

Marcos said the Philippines was not alone in feeling the effects of weaker global trade, citing sluggish growth across major economies.

“You have to also remember the situation, the global situation. We are not the only ones suffering the shocks that come from the new trade structure that has been imposed on the rest of the world,” he said.

“Kaya yung mga growth rate na lahat ng grupo all around the world is falling (That’s why the growth rates of many countries around the world are falling),” he added.

While acknowledging the temporary drag from the investigations, the President said transparency and accountability would ultimately strengthen investor trust in the long term.

He said the government was navigating both reform and recovery at the same time, ensuring that anti-corruption efforts would not derail key development priorities.

“Marami tayong measures na ginawa (We have put many measures in place),” Marcos said.

“Public spending now will be increased… Mababawi natin yung nawala sa third quarter (We will make up for what was lost in the third quarter),” he added.