Philippines Growth Slumps to Four-Year Low on Graft Scandal

The Philippines is facing a significant economic downturn, with growth hitting a four-year low in the third quarter, largely due to a corruption scandal that has sparked widespread protests and shaken investor confidence. This unexpected decline not only missed economists' forecasts but also led to a drop in the value of the peso and a slowdown in crucial government projects. The situation highlights the urgent need for reforms to restore trust and stabilize the economy.