November 19, 2016

Philippines is Asia’s fastest growing economy, up 7.1% in 3rd quarter

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  • MANILA, PHILIPPINES - MAY 08: A general view of the financial district of Makati City on May 8, 2013 in Manila, Philippines. The Philippines is in the throes of a property boom that is unprecedented in Southeast Asia. Hundreds of construction cranes are seen across Manila's skyline as property developments including office buildings, housing projects, hotels and new shopping districts are changing the face of the metropolis. The country's credit rating has been upgraded once again from a grade of BBB- to BBB by rating agency Standard & Poor's and the economy is expected to post a GDP growth rate of 6%, 1% higher than initially forecast. (Photo by Dondi Tawatao/Getty Images)

    Photo by Dondi Tawatao/Getty Images

     “All things considered, our economy’s strong growth in the third quarter is a very good sign of things to come.” Rosemarie Edillon, the Philippines’ Economic Planning Undersecretary said in a statement.

    In a figure announced by the Philippine Statistics Authority on Thursday, the country had surpassed the 6.7% median growth estimate of 15 economists surveyed by Bloomberg and matched an estimated 1.2%GDP rise against the previous quarter. The growth is also attributed to the Duterte Presidency’s strong spending on infrastructure and the recovery of the agricultural sector.

    The palace has proved the efficiency of this administration despite media continuously reporting the aggressive campaign against drugs. The news somewhat surprised experts and foreign investors after President Duterte’s remarks on the US.

    Bloomberg projects growth to expand 6% until 2018, despite the risk of a protectionism under Donald Trump and President Rodrigo Duterte’s anti-U.S. tirades. The Philippines has surpassed China’s third quarter growth rate at 6.7%, and Vietnam’s, at 6.4%. Last quarter, India posted a 7.1% growth rate but it has yet to report its third quarter figures.

    Sources: CNN Philippines Bangkok Post Press Reader

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