#transitory — Public Fediverse posts

Philippines Economic Weakness Continues As 2nd Quarter GDP Growth Lands At 2.3%

The economy of the Philippines slowed down even further in the 2nd quarter of 2026 landing at 2.3%, according to a news report by GMA News. Embarrassingly, this made the Philippines an economic weakling among the members of the Association of Southeast Asian Nations (ASEAN).

By comparison, the economy of the Philippines achieved only 2.8% growth in the 1st quarter of this year. The nation’s economic growth for 2025 was at 4.4%

To put things in perspective, posted below is an excerpt from the GMA News report. Some parts in boldface…

The Philippine economy continued to slow down in the second quarter of 2026, still due to a subdued investor and consumer sentiment amid the lingering effects of the flood control corruption scandal and the inflationary pressure brought by Middle East crisis-induced global fuel price shocks, the Philippine Statistics Authority (PSA) reported on Friday.

At a press conference, PSA chief and National Statistician Claire Dennis Mapa said the economy, as measured by gross domestic product (GDP)—the value of goods and services produced in a period— grew 2.3% in the April to June 2026 period, slower than the 2.8% growth seen in the first quarter of 2026.

This is the economy’s weakest footing since the fourth quarter of 2009 —excluding the contraction seen during the COVID-19 pandemic years— when the GDP growth rate was at 1.8%.

The 2.8% second quarter GDP growth put the Philippines behind its neighbors in Southeast Asia that already released their April to June economic growth rates such as Indonesia at 5.29%, Vietnam at 8.39%, and Singapore at 5.7%.

The first half of 2026 GDP growth rate stood at 2.6%, still behind the government’s downwardly revised target of 3.5% to 4.5% for the entire year.

Despite the economic slowdown, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said, “What we are experiencing right now, I believe, is transitory, temporary.”

“Domestic demand remained subdued, mainly because total investment continued to contract as public construction declined. Household consumption growth also moderated amid higher inflation, job losses, and lower remittance receipts arising from the Middle East conflict,” Balisacan said.

Household final consumption expenditure grew 2.8%, slower than 5.2% in the same period last year, weighed by contractions in transport (-7.5%), alcoholic beverages and tobacco (-1.9%), recreation and culture (-0.8%), and restaurants and hotels (-0.2%).

Government expenditure, likewise, slowed down by 8.3% from 8.7% year-on-year; while gross capital formation (GCF) —which measures investments— contracted by 9.2% from a growth rate of 0.9% a year ago.

The decline in GCF was due to the decline in construction at 14.8% with government spending on construction contracting 32.4%.

“Although public construction is a small part of the economy, the amount of contraction, at 32%, brought a significant impact on the economy,” Balisacan said.

“The sharp decline in public construction was the main contributor in the decline in investments… driven by continuous caution due to the flood control scandal,” the country’s chief economist said.

Among the major economic sectors, agriculture posted a growth rate of 2.7%, slower than 7% year-on-year; industry declined by 2.4%, from an increase of 2.1% weighed by the construction’s depreciation; services grew slower at 4.5% from 6.9%.

Agriculture, industry, and services sector contributed 7.5%, 27.9%, and 63.3%, respectively to the total GDP during the quarter.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will eventually fall into a recession in 2027? Do you believe that the hosting of the ASEAN summit by the Philippines will result in economic miracles and more foreign investment?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines Economic Weakness Continues As 2nd Quarter GDP Growth Lands At 2.3%

The economy of the Philippines slowed down even further in the 2nd quarter of 2026 landing at 2.3%, according to a news report by GMA News. Embarrassingly, this made the Philippines an economic weakling among the members of the Association of Southeast Asian Nations (ASEAN).

By comparison, the economy of the Philippines achieved only 2.8% growth in the 1st quarter of this year. The nation’s economic growth for 2025 was at 4.4%

To put things in perspective, posted below is an excerpt from the GMA News report. Some parts in boldface…

The Philippine economy continued to slow down in the second quarter of 2026, still due to a subdued investor and consumer sentiment amid the lingering effects of the flood control corruption scandal and the inflationary pressure brought by Middle East crisis-induced global fuel price shocks, the Philippine Statistics Authority (PSA) reported on Friday.

At a press conference, PSA chief and National Statistician Claire Dennis Mapa said the economy, as measured by gross domestic product (GDP)—the value of goods and services produced in a period— grew 2.3% in the April to June 2026 period, slower than the 2.8% growth seen in the first quarter of 2026.

This is the economy’s weakest footing since the fourth quarter of 2009 —excluding the contraction seen during the COVID-19 pandemic years— when the GDP growth rate was at 1.8%.

The 2.8% second quarter GDP growth put the Philippines behind its neighbors in Southeast Asia that already released their April to June economic growth rates such as Indonesia at 5.29%, Vietnam at 8.39%, and Singapore at 5.7%.

The first half of 2026 GDP growth rate stood at 2.6%, still behind the government’s downwardly revised target of 3.5% to 4.5% for the entire year.

Despite the economic slowdown, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said, “What we are experiencing right now, I believe, is transitory, temporary.”

“Domestic demand remained subdued, mainly because total investment continued to contract as public construction declined. Household consumption growth also moderated amid higher inflation, job losses, and lower remittance receipts arising from the Middle East conflict,” Balisacan said.

Household final consumption expenditure grew 2.8%, slower than 5.2% in the same period last year, weighed by contractions in transport (-7.5%), alcoholic beverages and tobacco (-1.9%), recreation and culture (-0.8%), and restaurants and hotels (-0.2%).

Government expenditure, likewise, slowed down by 8.3% from 8.7% year-on-year; while gross capital formation (GCF) —which measures investments— contracted by 9.2% from a growth rate of 0.9% a year ago.

The decline in GCF was due to the decline in construction at 14.8% with government spending on construction contracting 32.4%.

“Although public construction is a small part of the economy, the amount of contraction, at 32%, brought a significant impact on the economy,” Balisacan said.

“The sharp decline in public construction was the main contributor in the decline in investments… driven by continuous caution due to the flood control scandal,” the country’s chief economist said.

Among the major economic sectors, agriculture posted a growth rate of 2.7%, slower than 7% year-on-year; industry declined by 2.4%, from an increase of 2.1% weighed by the construction’s depreciation; services grew slower at 4.5% from 6.9%.

Agriculture, industry, and services sector contributed 7.5%, 27.9%, and 63.3%, respectively to the total GDP during the quarter.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will eventually fall into a recession in 2027? Do you believe that the hosting of the ASEAN summit by the Philippines will result in economic miracles and more foreign investment?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

A quotation from Lincoln

It is said an Eastern monarch once charged his wise men to invent him a sentence, to be ever in view, and which should be true and appropriate in all times and situations. They presented him the words: “And this, too, shall pass away.” How much it expresses! How chastening in the hour of pride! — how consoling in the depth of affliction!

Abraham Lincoln (1809-1865) American lawyer, politician, US President (1861-65)
Speech (1859-09-30), Wisconsin State Agricultural Society, Milwaukee

Sourcing, notes: wist.info/lincoln-abraham/5534…

#quote #quotes #quotation #qotd #abelincoln #abrahamlincoln #abrahamlincolnquotes #briefness #brevity #future #impermanence #mementomori #passageoftime #passing #temporary #transitory

A quotation from Marcus Aurelius

   Don’t let yourself forget how many doctors have died, after furrowing their brows over how many deathbeds. How many astrologers, after pompous forecasts about others’ ends. How many philosophers, after endless disquisitions on death and immortality. How many warriors, after inflicting thousands of casualties themselves. How many tyrants, after abusing the power of life and death atrociously, as if they were themselves immortal.
   How many whole cities have met their end: Helike, Pompeii, Herculaneum, and countless others.
   And all the ones you know yourself, one after another. One who laid out another for burial, and was buried himself, and then the man who buried him — all in the same short space of time.
 
[Ἐννοεῖν συνεχῶς πόσοι μὲν ἰατροὶ ἀποτεθνήκασι, πολλάκις τὰς ὀφρῦς ὑπὲρ τῶν ἀρρώστων συσπάσαντες: πόσοι δὲ μαθηματικοί, ἄλλων θανάτους ὥς τι μέγα προειπόντες: πόσοι δὲ φιλόσοφοι, περὶ θανάτου ἢ ἀθανασίας μυρία διατεινάμενοι: πόσοι δὲ ἀριστεῖς, πολλοὺς ἀποκτείναντες: πόσοι δὲ τύραννοι, ἐξουσίᾳ ψυχῶν μετὰ δεινοῦ φρυάγματος ὡς ἀθάνατοι κεχρημένοι: πόσαι δὲ πόλεις ὅλαι, ἵν̓ οὕτως εἴπω, τεθνήκασιν, Ἑλίκη καὶ Πομπήιοι καὶ Ἡρκλᾶνον καὶ ἄλλαι ἀναρίθμητοι. ἔπιθι δὲ καὶ ὅσους οἶδας, ἄλλον ἐπ̓ ἄλλῳ: ὁ μὲν τοῦτον κηδεύσας εἶτα ἐξετάθη, ὁ δὲ ἐκεῖνον, πάντα δὲ ἐν βραχεῖ.]

Marcus Aurelius (AD 121-180) Roman emperor (161-180), Stoic philosopher
Meditations [To Himself; Τὰ εἰς ἑαυτόν], Book 4, ch. 48 (4.48) (AD 161-180) [tr. Hays (2003)]

Sourcing, notes, other translations: wist.info/marcus-aureleus/7678…

#quote #quotes #quotation #qotd #marcusaurelius #death #mortality #shortlived #transitory

A quotation from Marcus Aurelius

He that does a Memorable Action, and those that Report it, are all but short-liv’d Things.
 
[Πᾶν ἐφήμερον, καὶ τὸ μνημονεῦον καὶ τὸ μνημονευόμενον.]

Marcus Aurelius (AD 121-180) Roman emperor (161-180), Stoic philosopher
Meditations [To Himself; Τὰ εἰς ἑαυτόν], Book 4, ch. 35 (4.35) (AD 161-180) [tr. Collier (1701)]

Sourcing, notes, alternate translations: wist.info/marcus-aureleus/7613…

#quote #quotes #quotation #qotd #marcusaurelius #brevity #brief #historian #history #life #moment #perspective #remembrance #shortlived #transitory

@iamcanehdian don’t rule out the #TransiTory

@iamcanehdian don’t rule out the #TransiTory

BREAKING: Dec PPI inflation prints -5.9%.

Avg of 8 prints from 3 indexes over 3 months: 1.5%

Avg of 17 prints over 6 months: 1.3%

Got #transitory much?

https://fred.stlouisfed.org/graph/?g=YU63

@arindube: https://econtwitter.net/@arindube/109684222999080465

"Team #transitory got its unconditional forecast wrong, but got its conditional forecast right"

💯 No one predicted the full duration of the #pandemic & its multiple new variant waves, nor did they predict the global economic effects of the 🇺🇦 war.

But TT was correct that the #inflation was primarily a cross-national, war- & pandemic-induced phenomenon & not mainly caused by #Biden & the ARP, as you were told by The Oracle of Summer(s) & co. for over a year.

@arindube: https://econtwitter.net/@arindube/109684222999080465

"Team #transitory got its unconditional forecast wrong, but got its conditional forecast right"

💯 No one predicted the full duration of the #pandemic & its multiple new variant waves, nor did they predict the global economic effects of the 🇺🇦 war.

But TT was correct that the #inflation was primarily a cross-national, war- & pandemic-induced phenomenon & not mainly caused by #Biden & the ARP, as you were told by The Oracle of Summer(s) & co. for over a year.

I mean, were the economic models really wrong? #Inflation is coming down - about a year later than people originally thought, sure, but again, no one predicted multiple subsequent COVID waves or the war in Europe - more or less exactly in line with the logic that "team #transitory" articulated way back in mid-2021. Shocks happen. International politics happens. I guess I just don't see the "track record is bad." And I <certainly> don't see Bayesian updating from Summers & co. on their theories 🤷‍♂️

I mean, were the economic models really wrong? #Inflation is coming down - about a year later than people originally thought, sure, but again, no one predicted multiple subsequent COVID waves or the war in Europe - more or less exactly in line with the logic that "team #transitory" articulated way back in mid-2021. Shocks happen. International politics happens. I guess I just don't see the "track record is bad." And I <certainly> don't see Bayesian updating from Summers & co. on their theories 🤷‍♂️

@pkrugman Yes on good news & caution, though I don't love the symmetry here. A year ago, serious people were making good-faith arguments that the #inflation was (don't say it...) #transitory, an argument which has turned out largely to be true, once one factors in the unexpected duration of the pandemic & the Ukraine war no economist predicted

Perhaps some of the current pessimists are equally serious...the loudest ones, I'm afraid, don't really appear to be so. We should also acknowledge that.

@pkrugman Yes on good news & caution, though I don't love the symmetry here. A year ago, serious people were making good-faith arguments that the #inflation was (don't say it...) #transitory, an argument which has turned out largely to be true, once one factors in the unexpected duration of the pandemic & the Ukraine war no economist predicted

Perhaps some of the current pessimists are equally serious...the loudest ones, I'm afraid, don't really appear to be so. We should also acknowledge that.

Oil and gas prices plummet. #transitory #commoditymarkets #speculation https://gasbuddyguy.substack.com/p/gas-prices-plummet-ahead-of-thanksgiving?publication_id=1173467&post_id=85920790&triggerShare=true&isFreemail=true

@zleap
Thanks Paul.

Year of Fedi is a long year that spans more time than expected. Sort of like how the inflation is #transitory and should not last long.

Actually haha, that might be the new hashtag.

#theInflationOfFediverseIsTransitory

#theInflationIsTransitory #assetInflation #howVeryKeynesian

@PaulaToThePeople @humanetech