Philippine Growth Slumps to Four-Year Low on Graft Scandal (2)

The Philippines’ economic growth dramatically slowed in the third quarter and missed all estimates, as a government corruption scandal hampered state spending and hit consumer confidence. The peso and stocks fell.

Gross domestic product expanded just 4.0% in the three months to September from a year earlier, the statistics agency said Friday. That’s the slowest pace since 2021 and compares to 5.5% growth in the second quarter and a median estimate of 5.2% in a Bloomberg News survey.

Household consumption— which makes up more than 70% of the nation’s output, decelerated to a four-year low, as consumers held off ...