FOR THE REMAINING four months of 2026, there is little, if any, chance for meaningful economic growth as far as the Management Association of the Philippines (MAP) is concerned.
MAP president Donald Lim said he was already pinning his hopes on 2027 for signs of a stronger recovery.
“We’re hopeful for 2027 because in 2026, I think the chapter is already closed,” Lim told business reporters on the sidelines of MAP’s general membership meeting last Thursday.
“In a way, we know that there will only be a blip in terms of our businesses, our revenues. The economy is very, very slow and the peso is weak,” quoted the Inquirer.
“From a planning perspective, we already know that (growth) will just be at this level. It’s not as if there will be a big lift from Christmas,” he stated
In the first half, the Philippines emerged as a growth laggard in Southeast Asia, with the economy falling short of the Marcos administration’s targets.
In the second quarter alone, gross domestic product grew by just 2.3 percent, slowing further from the 2.8-percent expansion in the previous quarter and the 5.4-percent growth recorded a year earlier.
Lim said weak consumer spending remains a key concern that could keep economic growth subdued for the rest of 2026.
He also doubts that the holiday season would provide a significant boost to the economy, saying that would be unlikely “unless something happens that would make consumers more optimistic that they’re willing to spend.”
“Businesses are always hopeful. But I don’t see the math where consumers will get the money,” he added.
With this sluggish economic backdrop, MAP has asked Senate President Sherwin Gatchalian to prioritize the passage or amendment of about 30 measures covering both economic and political reforms.
The 1,400-strong business group also voiced support for Gatchalian’s priority measures, including amendments to the Rice Tariffication Law; the Granting Increase in Take-Home Pay for All Working Filipinos Act; the Energy Regulatory Commission Strengthening Bill; the Master Plan for Infrastructure and National Development Bill; and amendments to the Magna Carta for micro, small and medium enterprises.
While MAP urged the government to devote attention to reviving the economy instead of being overly- consumed by politics, Lim said this should not come at the expense of key political reforms.
Among the priority bills Lim is pushing for are the Anti-Political Dynasty Law, the Cadena Bill and the Party-list System Reform Act.
Looking ahead, Lim said external factors would also play a major role in determining whether the Philippine economy can bounce back in 2027.
He voiced MAP’s hope that in 2027, the Iran-US geopolitical crisis will solve itself so we can focus. Hopefully, next year, it’s better. Let’s plan for some growth,” Lim said.