The GDP of the Philippines went up by 6.9 per cent in the third quarter of 2017 — comfortably outstripping China’s rate of 6.8.
The Philippine Statistics Authority announced that the result was higher than the 6.5 per cent that had been estimated by market analysts.
The growth was fuelled by manufacturing, trade, real estate, renting and business activities between July and September.
Although lower than the 7.1 per cent recorded for the same period last year, the GDP growth still made the Philippines the second fastest-growing economy in Asia after Vietnam.
Speaking at a press briefing today (Thursday, November 16), presidential spokesman Harry Roque said: “In fact, it was Finance Secretary Carlos Dominguez who informed me, they even adjusted the growth rate by .2 per cent, which is very good news.
“But considering the level of our economy, I think ours is still the best performing economy, so far.”
Mr Roque attributed the increasing economic growth to the administration of President Duterte. “It’s stability that brings about predictability, which brings out business confidence and investor confidence.” he said.
Economic managers expect an annual GDP growth of between 6.5 and 7.5 per cent for the Philippine economy this year from 6.9 per cent recorded last year.
Socioeconomic Planning Secretary Ernesto Pernia said in a press conference that the government remains on course in achieving its full-year target.
“The Philippines’ economic growth surpassed market expectations. That’s spectacular growth after an election year.
“With the year-to-date growth average of 6.7 per cent, we are most optimistic that we will be on track in meeting our full-year target range,” he said.
Mr Pernia added that he expected the economy to grow at a faster pace in the fourth quarter, despite the risk of the country being hit during the typhoon season.