Metro Manila, Philippines – The economy has lost around ₱2.7 trillion since the second quarter of 2025, driven mainly by corruption and high prices, Senate President Win Gatchalian said Thursday, Sept. 24.
Speaking during the meeting of the Senate ad hoc committee on reinvigorate investment and sustainable economic growth on Thursday, Sept. 24, Gatchalian said the amount includes actual and opportunity losses.
He said actual losses came from lower government construction and household consumption, while opportunity losses came from investors holding back over corruption concerns, particularly from the flood control controversy – resulting in weaker economic growth.
The Senate leader said the government tends to reduce or adjust spending as officials tend to be wary of possible legal consequences.
Meanwhile, Gatchalian said inflation has weighed on household consumption as a result of skyrocketing global oil prices.
“Kung namitigate natin, ang ating ekonomiya ay mas malakas at pwede tayo bumalik sa isa sa pinakamabilis ang paglago ng ekonomiya sa ASEAN,” he said.
[Translation: If we can mitigate these factors, our economy will become stronger, and we could return to being one of the fastest-growing economies in the Association of Southeast Asian Nations.]
Gatchalian described corruption as “self-inflicted damage” that can be addressed and controlled, in contrast to external triggers like geopolitical conflicts.
He suggested reducing dependence on imported oil through electric vehicles and renewable energy to help move the economy forward.
Gatchalian also identified five major economic vulnerabilities, namely, natural disasters, dependence on imported oil, corruption, politics, and geopolitics.
