Philippine Q3 GDP grows at slowest pace since COVID recession

The Philippine Statistics Authority reported that the country's third-quarter gross domestic product expanded at its slowest pace since the COVID-19 recession, signaling a marked deceleration in domestic output. The slowdown transmits to markets chiefly through the expectations channel for Bangko Sentral ng Pilipinas policy, since weaker growth can reduce the central bank's pressure to keep rates restrictive if inflation is also easing, which in turn narrows the peso's carry advantage over regional peers. Philippine government bonds and the peso are the most directly exposed, as rate-cut repricing pulls down local yields and reduces foreign portfolio appetite for peso-denominated assets, while Philippine equities, particularly consumer and domestic-demand sectors, face earnings downgrade risk. Traders should watch the next Philippine CPI release and the BSP's upcoming monetary policy meeting, as the combination of inflation trajectory and the central bank's language on growth will determine whether the GDP miss translates into a sustained shift in rate expectations.

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