Philippine Economy Grows Fastest in Asia at 7.1%

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The Philippines is now considered as the fastest growing economy in Asia with 7.1% economic growth under the administration of Pres. Rody Duterte. The expansion of the Philippine economy in the first three months of Pres. Duterte is on the back of robust public infrastructure spending and private construction as well as growth in agriculture.

Under Pres. Duterte the Philippines is now the fastest growing economy in the region is due to an upbeat consumer spending, encouraged by low inflation and low interest rates, which also drove the expansion during the July-September period of the gross domestic product (GDP).

Presidential Communications Secretary Martin Andanar said in a statement that the positive economic growth of the Philippines underscores that the Duterte administration offers more than war on drugs.

Sec. Andanar was quoted as saying “(W)e have a sound economic vision and agenda that will spur growth to benefit the lives of our countrymen, especially the poor and the marginalized,” he said.

The positive news about the economic growth of the Philippines surprised experts after Pres. Duterte sparked concerns among foreign investors over his controversial but successful war on drug campaign.

The Gross Domestic Product (GDP) growth of the Philippines is the strongest quarterly expansion under the administration of Pres. Duterte.

The Philippines is now the fastest growing among major Asian emerging economies that have already released data for the quarter. The Philippines is higher compared to China’s 6.7 percent, Vietnam’s 6.4 percent, Indonesia’s 5.0 percent and Malaysia’s 4.3 percent.

In an interview with some media outlets, Finance Secretary Carlos G. Dominguez III attributed the robust third-quarter economic growth to “the Duterte presidency’s strong spending on infrastructure and the recovery of the agriculture sector from the prolonged El Niño-induced drought.”

“[This] means there will be no letup in its commitment to spend big on urban and rural infrastructure as a growth driver as well as on human capital and social protection to guarantee sustained high—and inclusive — growth,” Dominguez said in a statement.

Governor Amando M. Tetangco Jr. of the Bangko Sentral ng Pilipinas said the third-quarter GDP growth put the country comfortably within the full-year government target range for growth.

Source: Manila Bulletin

Ed Umbao

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