The Marcos administration’s claim that the Philippine economy stands firm on strong fundamentals is oblivious to how many ordinary Filipinos are struggling amid worsening joblessness and poverty, said research group IBON. The group said that the government’s insistence that the economy is resilient deflects from the bad policies and corruption which makes the wealthy and powerful few prosperous at the expense of the many.
Recently, Department of Economy, Planning and Development (DepDev) Secretary Balisacan claimed that the economy “continues to stand firm on strong fundamentals”. IBON, however, pointed out that this upbeat narrative obscures the harsh realities faced by the very people the economy is supposed to serve – the majority of Filipinos who contribute to it and depend on it for their daily survival.
Gross domestic product (GDP) growth slowed to just 4% in the third quarter of 2025 – the slowest in 14 years, excluding the pandemic. This is due to weaker 4.1% growth in household spending which is the slowest in 15 years because of family incomes repressed by joblessness and informality.
Key production sectors that could create more jobs are at historic lows, with agriculture’s share of GDP dropping from 8.6% in 2023 to 7.7% in the first three quarters of 2025 – the smallest in the country’s history. Manufacturing also continues to decline, falling from 18% to 17% – its smallest share since the 16.3% in 1949.
Research group IBON said that the slowing economy is resulting in weak job creation and insufficient incomes. Recent labor force data show nearly 300,000 job losses and a 63,000 increase in unemployment, while 7 out of 10 employed Filipinos work in the informal sector. Across all regions, the Php487 average minimum wage is only 40% of the Php1,225 living wage for a family of five.
The lack of decent livelihoods and income worsens poverty and hunger. The number of self-rated poor families grew from 12.2 million at the start of the Marcos administration in June 2022 to 14.2 million in September 2025, while hunger incidence among families rose from 12% to 22%.
While more Filipinos become poor and hungry, a few are getting wealthier with more profits from the economy. From 2022 to 2025, the combined wealth of the top three richest Filipinos – Razon, Villar, and Ang – surged by 56% (Php485.6 billion) to Php1.3 trillion. Relatedly, the combined wealth of the top 50 richest grew by 25% (Php979 billion) to Php4.9 trillion. The net income or profits of the top 1,000 corporations grew by 13% (Php236 billion) to Php2 trillion in 2022-2023. IBON said that to achieve a truly strong economy, the country needs a government that puts the majority of Filipinos first as well as implements bold measures to arrest systemic corruption and boost domestic agriculture and Filipino industries. In the short term, it should bolster incomes and livelihoods through wage subsidies and support for small businesses and producers.
