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SandP, ADB cut growth forecast for PHL in 2026

THE Philippine economy may once again fall short of the Marcos administration’s growth ambitions, as two international organizations cut their 2026 forecasts amid weaker investment and household spending.

SandP Global Ratings on Wednesday lowered its 2026 gross domestic product (GDP) growth forecast for the Philippines to 2.9 percent from 4.1 percent previously, a 1.2-percentage-point downgrade.

The Asian Development Bank (ADB), meanwhile, trimmed its growth forecast to 3.3 percent from 3.8 percent, or a 0.5-percentage-point reduction.

If either forecast materializes, the Philippines would miss the Development Budget Coordination Committee’s (DBCC) annual growth target for the fourth consecutive year since President Marcos Jr. took office.

‘We have lowered our growth forecast for 2026, reflecting the weaker-than-expected first-half growth and a more gradual recovery trajectory,’ SandP Global economist Vishrut Rana told the BusinessMirror in an email interview.

The Philippine economy grew by just 2.6 percent in the first half of 2026, sharply slower than the 5.4 percent expansion recorded in the same period last year.

According to SandP, the Philippines was a ‘notable exception’ to the resilience in domestic demand seen across Asia and the Pacific, pointing to continued weakness in investment.

Data from the Philippine Statistics Authority (PSA) showed that gross capital formation, which measures investment in the economy, contracted by 9.2 percent in the second quarter of 2026.

This marked another quarter of contraction after gross capital formation shrank by 2 percent in the third quarter of 2025, 9.4 percent in the fourth quarter, and 3.1 percent in the first quarter of 2026.

Fixed investment also contracted by 13.7 percent in the second quarter, widening from the 2.5 percent decline in the first quarter. Construction likewise contracted by 14.8 percent, compared with a 4.3 percent contraction in the previous quarter.

Rana said the recovery in investment would take time, with public capital expenditure expected to gradually normalize as infrastructure projects resume.

‘Given strong reforms in the space to increase transparency and efficiency, it will take time for disbursements to ramp up,’ he added.

Data from the Department of Budget and Management showed that infrastructure and capital outlays, a measure of government capital spending, fell to P367.14 billion in the first half of 2026, down 40.8 percent from P620.2 billion in the same period last year.

The DBM earlier said infrastructure disbursements by the Department of Public Works and Highways (DPWH) were affected by tighter payment validation, audit and documentary requirements aimed at ensuring that releases are made only for properly documented and verified projects that comply with government rules.

Meanwhile, ADB Philippines Senior Economist Teresa Mendoza also identified weaker household spending amid elevated inflation and weak consumer confidence as another drag on growth this year.

‘The impacts increasingly spread to the broader economy, including a slowdown in several services subsectors,’ Mendoza said during a briefing.

PSA data showed household consumption grew by just 2.8 percent in the second quarter, the slowest since the pandemic-induced first quarter of 2021, when household spending contracted by 4.8 percent.

Excluding the pandemic period, household spending growth was the weakest since the third quarter of 2010, when it expanded by 2.6 percent.

El Niño poses risk to inflation

Although the ADB expects Philippine growth to recover in 2027, it warned that the outlook remains vulnerable to the effects of a potentially strong El Niño from late this year through 2027.

‘Key risks stem from worsening of geopolitical tensions and extreme weather shocks, including worse than expected El Nino impacts, which could intensify further inflationary pressures,’ ADB Philippines Senior Economist Teresa Mendoza said.

The ADB expects growth to rebound to 5.1 percent in 2027, although this is slightly lower than its previous forecast of 5.3 percent.

On inflation, the bank retained its 5.9 percent forecast for 2026, while raising its 2027 projection to 4.4 percent as food prices, particularly rice, are expected to remain elevated amid El Niño.

SandP Global also expects the Philippines’s growth to recover next year, although it trimmed its 2027 forecast to 5.4 percent from 5.8 percent previously.

‘Elevated energy and food prices, together with the resulting tighter monetary policy, will continue to weigh on domestic demand. Amid these factors, we have also lowered our 2027 growth projection modestly,’ Rana said.

SandP Global expects Philippine inflation to average 5.5 percent this year before easing to 3.6 percent in 2027.

Earlier, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) warned of a 60 percent or higher reduction in average monthly rainfall in some areas through the end of the year.

The government also reactivated the Task Force El Niño in June to coordinate measures aimed at mitigating the phenomenon’s impact on agriculture and vulnerable communities.

Chamber of Marine Industries appoints Ricky Barnett as new Chairman at AGM in Colombo

The Chamber of Marine Industries of Sri Lanka (CMISL) successfully held its Annual General Meeting (AGM) on 15 September 2026 at Amari Colombo, bringing together distinguished guests, industry leaders, professionals and members of the marine and maritime sector.

The AGM marked an important milestone for the Chamber, providing an opportunity to reflect on the progress and achievements of the past year while setting the direction for the future development of Sri Lanka’s marine industry.

The event was graced by, Industries and Entrepreneurship Development Ministry Secretary Thilaka Jayasundara as the Chief Guest, while the Export Development Board Chairman/CEO Mangala Wijesinghe, attended as the Guest of Honour. The presence of these distinguished representatives, together with leading personalities from the marine, maritime, shipping, boat-building, tourism and related sectors, added significance to the occasion.

The AGM also saw the appointment of the new office bearers of the Chamber. Ricky Barnett was appointed as the new Chairman, with Adityavikram More continuing as Secretary and Akalanka Rathnayaka serving as Treasurer. The new leadership will work closely with the Executive Council and Chamber membership to further strengthen the industry and promote the interests of Sri Lanka’s marine sector.

The incoming Chairman Ricky Barnett, was warmly welcomed by the membership, with members expressing their confidence in the new leadership and their commitment to supporting the Chamber’s initiatives in the coming year.

The outgoing Chairman Indhra Kaushal Rajapaksa, congratulated Barnett on his appointment and wished him every success in his new role. During his tenure, Rajapaksa played an important role in supporting the Chamber’s activities and advancing initiatives aimed at strengthening Sri Lanka’s marine industry. His contribution and leadership were acknowledged with appreciation by the Chamber and its members.

The AGM provided an opportunity for members to engage with industry stakeholders and exchange views on the opportunities and challenges facing the marine sector. Particular emphasis was placed on the importance of collaboration between the private sector, government institutions and other industry stakeholders to create an enabling environment for sustainable growth.

Recognising Sri Lanka’s vast potential in marine-sector manufacturing, boat building, marine and offshore services, nautical tourism, and marine sustainability, the Chamber continues to serve as a vital platform for industry representation, collaboration, and growth

The AGM concluded with appreciation extended to the Chief Guest, Guest of Honour, distinguished guests, members, sponsors and all stakeholders who contributed to the success of the event.

The Chamber looks forward to working under the leadership of Chairman Ricky Barnett, together with the Executive Council and its membership, to further strengthen Sri Lanka’s position as a competitive and sustainable maritime and marine hub in the region.

EPP delegation to visit Armenia amid Yerevan’s closer ties with EU

A delegation led by European People’s Party (EPP) Secretary-General Dolors Montserrat will visit Armenia on September 24 and stay in the country until September 28.

The visit has been confirmed by an order issued by Armenian National Assembly Speaker Ruben Rubinyan regarding the organization of the delegation’s trip.

The delegation will be received by Sargis Khandanyan, Chairman of the Armenian Parliament’s Standing Committee on Foreign Relations.

The visit comes amid Armenia’s efforts to deepen cooperation with the European Union and strengthen political ties with European institutions.

In March 2025, Armenia’s parliament passed a law launching the process of the country’s accession to the European Union. In late August 2026, Armenian Prime Minister Nikol Pashinyan said that Yerevan intends to officially submit an EU membership application in the near future.

2027 Appropriation Bill sets Rs. 4.99 t Vote on Account, borrowing capped at Rs. 3.8 t

The Appropriation Bill for the 2027 financial year has been published in the Government Gazette, setting out an estimated Rs. 4.99 trillion in service expenditure for Government Ministries and Departments and capping net Government borrowings for the year at Rs. 3.8 trillion.

The Bill, published as a Gazette Extraordinary Supplement dated 18 September, 2026, by order of President Anura Kumara Dissanayake in his capacity as Finance, Planning and Economic Development Minister, seeks Parliamentary authority for the Government’s service expenditure for the period 1 January to 31 December, 2027, and for related borrowing.

The Bill fixes the Government’s estimated service expenditure for the 2027 financial year at Rs. 4.99 trillion, to be met from the Consolidated Fund, Government funds, or borrowings, and chargeable in accordance with the First Schedule to the Bill.

The same clause estimates the Government’s statutory expenditure, meaning expenditure that other laws already charge to the Consolidated Fund independent of this Bill, at Rs. 4.92 trillion for the same period, set out in the Second Schedule. Added together, the two figures bring total Government expenditure provided for under the Bill to approximately Rs. 9.92 trillion.

The Bill separately caps the net outstanding balance of borrowings raised by or on behalf of the Government during the 2027 financial year at not more than Rs. 3.8 trillion, with details of such borrowings required to be included in the final Budget position report tabled in Parliament under Section 51 of the Public Financial Management Act, No. 44 of 2024.

Notably, Provincial Councils (Heads 312-319 and 321) are budgeted as a distinct block within the First Schedule at Rs. 574.95 billion recurrent and Rs. 85.00 billion capital, a combined Rs. 659.95 billion, rather than being folded into the Public Administration Ministry’s own Rs. 651billion figure above, even though Provincial Councils fall within that Ministry’s named portfolio.

Counted together, the Ministry’s effective allocation would rise to roughly Rs. 1.31 trillion, ahead of Finance. The bulk of the Public Administration Ministry’s own Rs. 651 billion is driven by the Department of Pensions, which alone accounts for Rs. 550.35 billion.

The Bill follows Cabinet approval on 15 September and clearance by the Attorney General. According to the Finance Ministry’s published timetable, the Bill’s First Reading in Parliament is scheduled for 7 October, with the Second Reading and Budget speech to follow on 12 November and the Committee Stage debate expected to run until 14 December.

Syrian leader reaffirms UN mandate on Golan Heights as he says it’s not ‘up for debate’

Syrian President Ahmed al-Sharaa outlined his government’s foreign policy priorities, security negotiations and regional economic plans during an Atlantic Council Front Page event in New York on Tuesday, held on the sidelines of the United Nations General Assembly.

Addressing the status of the Golan Heights, al-Sharaa said Syria maintains its legal claim to the territory under international law.

‘The Golan is Syrian land according to United Nations resolutions, and there is no room for discussion regarding its status,’ al-Sharaa said during the forum.

Israeli withdrawal and US mediation

On border security and regional tensions, al-Sharaa said Syria may require an international commission to assess security concerns along the frontier and distinguish between what he described as genuine security needs and perceived threats.

He said any formal security framework must be preceded by an Israeli withdrawal to positions held under the 1974 disengagement arrangements.

‘We demand that Israel withdraw to the areas it occupied under the 1974 arrangements before discussing security arrangements,’ al-Sharaa said. ‘If the security arrangements succeed, it will be possible to move on to discussing a permanent peace.’

Al-Sharaa described the current geopolitical environment as a ‘historic moment that could achieve benefits for all parties,’ while confirming that Washington is involved in facilitating negotiations between Syria and Israel.

He acknowledged, however, that progress in the talks remains difficult.

Turning to regional economic relations, al-Sharaa highlighted efforts to restore Syria’s role as a transit hub for trade and energy flows in the Middle East.

He said the Syrian government is working to establish a secure transit corridor across Syrian territory for Iraqi goods, with a particular focus on transporting Iraqi oil to Mediterranean ports.

Al-Sharaa also reaffirmed Damascus’s commitment to supporting stability in neighboring Lebanon, saying Syria seeks to assist the Lebanese government and enable state institutions to carry out their responsibilities effectively.

On domestic governance, the Syrian president rejected proposals for power-sharing arrangements based on sectarian, ethnic or regional quotas.

‘We do not want a quota system based on ethnic, geographic, or religious lines that would lead to the division of Syria,’ al-Sharaa said, arguing that such political arrangements could undermine the country’s territorial integrity.

Azerbaijan embassy in Iran assists citizens stranded by flight cancellations

The Embassy of Azerbaijan in Iran has issued an appeal to Azerbaijani citizens currently in the country following the cancellation of all scheduled passenger flights between Azerbaijan and Iran.

The embassy called on citizens who have purchased tickets to return to Azerbaijan but are unable to do so by air due to the cancellations to contact the embassy or the Consulate General of Azerbaijan in Tabriz.

Diplomats will assist citizens in returning to Azerbaijan through the land border crossings operating between the two countries.

The statement reads as follows:

‘Attention: Azerbaijani citizens currently in Iran regarding the cancellation of scheduled passenger flights between the Republic of Azerbaijan and the Islamic Republic of Iran!

Azerbaijani citizens who purchased flight tickets to return to Azerbaijan but are unable to do so due to flight cancellations are requested to contact the Embassy of the Republic of Azerbaijan in the Islamic Republic of Iran or the Consulate General in Tabriz for assistance in returning to the country via the land border crossings operating between Azerbaijan and Iran.

Azerbaijani citizens who purchased tickets to Azerbaijan from Iranian airlines are advised to contact the sales offices of those airlines to obtain a refund.

For further information and assistance:

Hotlines of the Embassy of the Republic of Azerbaijan in the Islamic Republic of Iran:

Duterte trial: Presiding officer’s decision can be overturned – Escudero

Senate Impeachment Court Presiding Officer Francis Escudero said Wednesday that while he opposes lowering the number of votes needed to convict Vice President Sara Duterte, the other senator-judges can overturn his decision.

The court had decided to restrict some of its members from voting on Duterte’s fate, effectively lowering the threshold for conviction. Escudero said he disagreed with the move but respected the court’s decision.

The impeachment court will exclude senator-judges who are detained or suspended, in hiding, medically incapacitated, or beyond its coercive powers when determining the denominator for the two-thirds vote needed for a conviction.

‘For the record, while the Chair takes exception to this decision, the Chair nonetheless accepts it as a judgment of this court and is bound to give it effect. The presiding officer, after all, is not the court. He is merely the custodian of the process, not the proprietor of its outcome,’ Escudero explained.

At the start of the trial last July 6, Escudero said that 16 votes are required for a conviction, based on the complete 24-member Senate.

According to Escudero, the 1987 Constitution already provides that no person shall be convicted without the concurrence of two-thirds of all the members of the Senate, or at least 16 of 24 elected senators.

He cited the Supreme Court ruling on Bayan v. Zamora, which concerned the Senate’s compliance with the two-thirds vote required to concur in a treaty.

Escudero’s statement has been cited by senator-judges in insisting that the threshold must not be changed.

Senate’s legitimacy

According to Escudero, having a presiding officer’s decisions overturned is part of ‘the essence of democracy.’

‘This is the tradition that gives the strength and legitimacy to the Senate, whether we sit as a legislative body or as an impeachment court,’ he added. ‘We allow the fullest ventilation of views, even if those views differ sharply from our own. But at the end of the day, we vote. We abide by the judgment of the majority, even if we disagree with it.’

Before Escudero’s clarification, the court approved a motion to revise the 16-vote threshold needed to convict Duterte. Thirteen senator-judges voted in favor of the amendment.

He then laid down specific conditions on who would be barred from voting when the court decides the case and how the two-thirds vote would be counted.

Escudero further clarified that the number of votes required to convict Duterte would still be two-thirds of the members present. But if the computation of two-thirds results in a decimal point, such as when only 20 senator-judges remain, which would mean 13.33, Escudero said they would round up even if the decimal point is less than 0.5.

This means that instead of needing 16 votes to convict Duterte, 14 senator-judges would be needed to remove Duterte from office.

Under Article XI, Section 3(5) of the 1987 Constitution, the Senate is given the ‘sole power to try and decide all cases of impeachment.’ The same provision states that an impeached official will only be convicted upon the ‘concurrence of two-thirds of all the Members of the Senate.’

Ordinarily, two-thirds of 24 members of the Senate is 16, but the absence of several senator-judges has raised questions from different sides. Some individuals supportive of the vice president have insisted that all members of the Senate refer even to senators who are beyond the coercive powers of the chamber, since their titles as senators were not removed from them.

However, others have asked how judges can make a sound decision if they have not observed the proceedings and failed to study documents and witnesses’ testimonies.

This was the same point raised by public prosecutor and Akbayan party-list Rep. Chel Diokno, who led the oral arguments for the prosecution panel.

Currently, four senators have missed a huge part of the trial: Senators Jinggoy Estrada, Rodante Marcoleta, and Ronald dela Rosa have not attended a single trial day, while Senator Loren Legarda left the country in early August.

Ruto: Africa must make talent portable across borders

African countries need trusted systems that allow skills, qualifications and work experience to move across borders, Kenyan President William Ruto has said, as Kenya takes the lead in implementing the digital skills mobility, or Masterkey, corridor under the Accra Reset.

Speaking in New York on September 22, 2026, during the Accra Reset’s Full Circle gathering, President Ruto said: ‘Kenya is honoured to lead the digital skills mobility or Masterkey corridor under the Accra Reset. Today we take Masterkey from design into delivery with Kenya leading its first national implementation,’ he said.

The Accra Reset Presidential Council describes Masterkey as an initiative that seeks to remove barriers preventing talent from moving to where it is most needed. President Ruto said the initiative would provide digital infrastructure for people to securely hold and share verified records of skills, qualifications and work experience across borders.

‘The principle is simple. Talent should be portable. Skills should be trusted and opportunity should cross borders,’ he said.

He said qualifications issued in one African country should be verifiable in another, allowing workers to compete using trusted evidence.

‘A qualification or work record issued in Nairobi should be verified in Kigali and ultimately wherever opportunity exists,’ he said.

He said privacy and cyber security must be protected, with records coming from authorised institutions. Citizens should control access to their records and correct errors, while workers should also be protected against fraud, exploitation and discrimination.

‘Workers must also be protected against fraud, exploitation and discrimination,’ he said.

President Ruto clarified that Masterkey would not itself award jobs, visas or professional recognition, as those decisions would remain with employers and competent authorities.

‘Its purpose is to provide trusted evidence that allows those decisions to be made on credible information,’ he said.

He linked the initiative to Africa’s wider technological ambitions, including access to computing power, trusted data, reliable energy and research capability.

‘No country will build every layer alone,’ he said, calling for cooperation among governments, companies and institutions.

He said Africa should also play a greater role in technology development and governance.

‘Africans are not merely consumers of technology. We are workers, researchers, entrepreneurs, innovators and creators whose talent, data and ideas contribute to the global technology economy,’ he said.

A French Government representative thanked those guiding the process and called for continued cooperation.

The New York gathering marked one year since the Accra Reset was launched on the sidelines of the United Nations General Assembly.

President Ruto said Masterkey’s practical test would be whether records issued in one country were recognised in another and created opportunities for African citizens.

‘If we can answer those questions with evidence, we will have moved from dialogue to delivery,’ he said.

’Nutrition Is Central To Human Capital Development’

Governor Uba Sani places nutrition as an important component of his administration’s development agenda because it is important in making children realise their full potentials.

The Deputy Governor of Kaduna State, Dr Hadiza Balarabe, further sated that a child who is well nourished has a better opportunity to grow, learn and survive.

”Consequently, investing in nutrition is not simply an investment in health; it is an investment in the future of our dear State and Country,” she added.

The Deputy Governor who is a medical doctor, made these remarks at the Women In Power Conference 2026 and formal recognition as a Kaduna State Nutrition Champion.

Dr Balarabe assured that Kaduna state under Governor Uba Sani, will continue to do its best to provide leadership in nutrition financing and related health activities.

”During the June 2026 Maternal, Newborn and Child Health Week, Kaduna recorded 82 per cent Vitamin A supplementation coverage and 79 per cent coverage for Mid-Upper Arm Circumference screening.

”In 2025, 30,089 children across the 23 Local Government Areas were treated for severe acute malnutrition through the Integrated Management of Acute Malnutrition program.

”These achievements demonstrate what can be accomplished when government, communities, development partners, health workers and civil society work together,” she added.

The Deputy Governor advised states to pay attention to nutrition financing, arguing that ”good policies can only produce results when they are backed by predictable resources, effective implementation, accountability and measurable outcomes.”

According to her, the new Kaduna State 2026-2030 Food and Nutrition Policy and Strategic Plan ”provides an opportunity to consolidate our gains, strengthen coordination while ensuring that nutrition remains firmly integrated into government planning, budgeting and implementation.”

Dr Balarabe appreciated the Kaduna State Planning and Budget Commission and the Civil Society Scaling-Up Nutrition in Nigeria, CS-SUNN, for being recognized as one of the Kaduna State Nutrition Champions.

”We receive this recognition with gratitude, and do not receive it as personal trophy. We receive it as a call to service, and as a reminder that leadership is not measured by the titles we carry, but by the lives we touch,” she added.

Some SUCs handling infra projects worth over P5M on their own – solon

Some state universities and colleges (SUCs) are moving to complete infrastructure projects worth more than P5 million on their own, instead of letting the Department of Public Works and Highways (DPWH) handle them, according to Pinoy Workers party-list Rep. Karl Josef Legazpi on Wednesday.

During the House sponsorship and plenary deliberations on the proposed SUC budget for next year, Kabataan party-list Rep. Renee Co raised concerns about delayed completion of infrastructure projects at several SUCs, citing the University of the Philippines-Diliman faculty center and the north academic building at the Polytechnic University of the Philippines-Sta. Mesa as examples.

Co then asked if Joint Memorandum Circular No. 1, issued by the DPWH and the Commission on Higher Education (CHEd) on the implementation of infrastructure projects in SUCs was related to the delays in their completion. The circular, signed in 2024, provides that the DPWH will implement projects worth more than P5 million.

‘Based on the information that they provided, they deemed that they are already capable of taking over the completion of the said projects and they are also committing to help other universities do the same to take the completion of projects into their own hands,’ Legazpi, the budget sponsor of SUCs, said.

However, Legazpi did not disclose which SUCs are seeking to handle their own infrastructure projects.

Legazpi also shared that the University of the Philippines had already decided to implement the construction and completion of its projects under its own budget. He added that the completion of the new College of Arts and Letters, the main library rehabilitation and the faculty center on its Diliman campus was ongoing.

Legazpi added that there is no memorandum seeking to reverse the joint circular of the DPWH and CHEd.

Co then said that SUCs’ lack of fiscal autonomy in implementing their infrastructure projects causes delays.

‘This representation agrees that SUCs should be allowed to exercise their fiscal autonomy, especially for projects exceeding P5 million. There are many of these; even a simple repair of a building because it is prone to flooding can cost more than P5 million, and they cannot do it unless they loop in the DPWH,’ Co stressed.