The Philippine economy grew slightly less than initially reported in the third quarter of 2025, after official data revisions shaved a tenth of a percentage point off headline growth.
The Philippine Statistics Authority (PSA) said year-on-year gross domestic product growth was revised down to 3.9 percent, from the preliminary estimate of 4.0 percent. While the adjustment is modest, it reflects softer-than-expected performance across several key service sectors that had initially supported expansion.
The biggest drag came from electricity, steam, water and waste management, which swung to a 0.6 percent contraction, from an earlier estimate of 0.6 percent growth. Real estate and ownership of dwellings was also revised lower, easing to 4.0 percent from 4.7 percent, while accommodation and food service activities slowed to 4.8 percent from 5.7 percent, pointing to a more fragile consumer and tourism recovery than first assumed.
Downward revisions were also recorded in income measures. Gross national income growth for the quarter was trimmed to 5.4 percent from 5.6 percent, while net primary income from the rest of the world—a key prop for household spending—was revised to 16.2 percent from 16.9 percent.
Taken together, the adjustments do not change the overall growth story, but they sharpen it. Demand remains uneven, and sectors sensitive to power costs, property activity, and discretionary spending continue to show signs of strain.
Fourth-quarter GDP data are set to be released by the PSA on Thursday, January 29, with expectations that economic momentum picked up toward year-end. Many economists project growth to have accelerated to a range of 5.0 percent to 5.3 percent, offering a potential counterpoint to the softer third-quarter revision.
