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

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 “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 Fortune.com Press Reader