MANILA, Oct. 17 (Xinhua) -- The Philippine economy is expected to slow down in the second half of 2025, partly due to recent corruption scandals, the country's chief economist has said.
"While we anticipate a temporary slowdown in the latter half of the year -- partly as a result of recent corruption scandals involving infrastructure projects -- we are confident that the governance reforms and institutional improvements that follow will ultimately reinforce the economy's foundations and enhance its medium- to long-term prospects," Department of Economy, Planning, and Development Secretary Arsenio Balisacan told the 2025 European-Philippine Business Dialogue held on Thursday.
"Our challenge now is to further strengthen our governance and investment ecosystem," Balisacan said.
"In fact, we must push harder -- deepening productivity-enhancing reforms and accelerating innovation, connectivity, and inclusion across all sectors and regions," the official said. "This is how we sustain growth and unlock our full potential."
The Philippines targets a robust economic growth of 5.5 to 6.5 percent in 2025 and 6.0 to 7.0 percent annually from 2026 to 2028; more and better jobs, with unemployment reduced to between 4 and 5 percent; and low and stable prices, with inflation managed within the 2-to-4 percent band.
Philippine President Ferdinand Romualdez Marcos kick-started an anti-corruption campaign after publicly exposing alleged irregularities in his own administration.
The Senate and the House of Representatives followed by investigating anomalous infrastructure projects across the country, particularly flood control projects. The investigations led to the identification of several former and incumbent lawmakers, as well as officials, who were allegedly involved in these anomalies.
Inflation and corruption were the top concerns for Filipinos, according to a nationwide survey by pollster Pulse Asia Research Inc. released on Monday. ■
