[READOUT] As Q3 GDP slows to 2.1%, what are businesses seeing?

The latest Philippine economic numbers paint a grim picture, with inflation rising, unemployment worsening, and economic growth slowing to its weakest pace since 2009, outside the pandemic.

But just as these figures were released, Rappler had the chance to speak with executives from some of the country’s biggest businesses about how they’re digesting the slowdown. Their responses suggest a more uneven picture, with some industries holding up better than others.

First, let’s recap the three big numbers:

Inflation rose 7.8% year on year in October, accelerating from 7.2% in September.

Unemployment climbed to 5.4% in September from 5.3% in August, leaving an estimated 2.86 million Filipinos unemployed.

The Philippine economy grew by just 2.1% in Q3 2026, down from 2.4% in the previous quarter and 4% a year earlier. This marked the weakest pace since 2009, excluding the pandemic years. Growth averaged only 2.5% in the first nine months of the year.

That leaves the Marcos administration on track to miss its annual growth target for the fourth year in a row. Economic growth would need to soar to 6.3% in the final quarter just to hit the lower end of its already reduced 3.5% to 4.5% target — a feat even the country’s chief economist admitted would be “very, very challenging.”