If the past week’s tea leaves had a message, it was this: ay, naku. The economy served up a one-two punch of sluggish growth and runaway prices, then appeared to ask whether we wanted seconds. Monday brought third-quarter GDP growth of 2.1 percent, down from 2.4 percent in the previous quarter and below the 2.8 percent consensus forecast. That marked five consecutive quarters of slowing growth and the weakest performance since the pandemic. October inflation, meanwhile, averaged 7.8 percent. Some wanted the monetary authorities to wield a bigger stick through a jumbo rate hike. Tame prices without choking an already parched economy? Sige, good luck. With stocks around 5,600 and the peso near P64 to the dollar, even sharply cheaper gasoline felt less like salvation than a promo expiring next week.
As if that were not enough, preparations for next week’s 49th ASEAN Summit added logistical chaos to the economic gloom. The optimists saw a potential Philippine win through the signing of the US-backed Pax Silica framework at New Clark City. The commuters saw traffic. Same event, different seating arrangements. Social media filled with gridlock complaints as dwellers were cleared from road infrastructure and the repositioned transportation chief appealed for patience. Konting tiis, apparently, remained the unofficial travel advisory. There may be deals waiting at the summit, but for motorists and commuters, the immediate challenge was rather more basic: getting anywhere without first growing old behind the wheel.
Then came the economic team’s rigodon, because apparently the week needed choreography. The revenue chief returned to the Bureau of Customs, whose outgoing chief moved to the Bases Conversion and Development Authority. BCDA’s Joshua Bincang was named Philippine Economic Zone Authority chief, replacing Tereso Panga. Musical chairs, government edition. The timing, just before the summit, raised concerns about stalled or complicated US negotiations for the 1,619-hectare Tarlac hub. Asked about it, Finance Secretary Frederick Go offered, “No comment.” Ayun. Corporate results supplied their own unfortunate soundtrack: Cebu Pacific lost P12.8 billion over nine months, San Miguel Corp.’s profits fell 40 percent to P47.3 billion, and JG Summit’s dropped 33 percent. These were not exactly numbers to inspire a celebratory group photo. If the economy had a mood, this was definitely not fiesta season.
Elsewhere, Air France’s stop-start nonstop service supplied a fresh lesson in irony: suspension from January 2027, just three weeks after the route resumed following a five-month hiatus. Nonstop, except when it stops. Grab’s managing director also stepped down after more than eight years. Our platform missed both stories; hindi lahat nasasalo. We did catch the Bangko Sentral ng Pilipinas circular issued four days ago, retaining the monthly cap on credit card charges at 3 percent. No grand entrance, no dramatic flourish, just a regulatory decision directly affecting bank margins and consumer debt. Against the week’s noisy backdrop, that decision was hardly a small matter for lenders or borrowers.
My favorite business story, though, came from the House of Representatives: a proposal to require accreditation for pet crematoriums after a rogue Cavite operator dumped dead cats and dogs in Bulacan. The incident itself was grim; the bizarre part was finding this regulatory tale in a week already overflowing with economic misfortune. From GDP to gridlock, boardrooms to pet crematoriums, the news offered a little of everything and precious little relief. Diyos ko po. The cheaper gasoline was welcome, certainly. But after a week like this, who could blame anyone for checking the fine print before accepting even the smallest piece of good news?
The Pedantic is a weekly commentary by Jun Vallecera, editor of Context.ph, sometime cat father to 12 puspins, and a 38-year veteran of watching the Philippine economy misbehave. He does his own laundry, which may explain his continued employment at home, and occasionally wonders why his wife has not left him yet. His views are entirely his own, although he remains unconvinced that anyone is keeping score.
