S&P and AMRO Cut Philippine Growth Forecasts After Q3 Slump

Philippine GDP downgrade momentum intensified as S&P Global Ratings and the ASEAN+3 Macroeconomic Research Office cut growth forecasts for 2025 and 2026 following a Q3 slowdown to a four‑year low tied to a flood‑control corruption scandal.

S&P now expects 4.8% growth this year, down from 5.6%, while AMRO lowered its 2025 projection to 5.2%, both below the government’s 5.5–6.5% target.

For 2026, S&P cut its view to 5.7% and AMRO to 5.3%, citing weaker public investment, softer exports and risks from US tariffs, though AMRO expects trade drag to ease late in 2026.