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Philippines third-quarter economy grows at fastest pace in a year

Philippines third-quarter economy grows at fastest pace in a year

The gross domestic product (GDP) of the Philippines grew 6.9 percent year-on-year in the third quarter of 2017, said the Philippine Statistics Authority (PSA) on Thursday.

Economic managers expect an annual growth of between 6.5 and 7.5 percent for the Philippine economy this year from 6.9 percent recorded last year.

The median forecast of a Bloomberg poll predicted third quarter GDP growth at 6.5 percent, while a Reuters survey placed it at 6.5 percent.

The full-year growth target set by the government is within 6.5 percent to 7.5 percent.

The Philippines is emerging as one of this decade's economic stars with the World Bank predicting growth of more than 6 per cent until 2019, underpinned by an ambitious infrastructure building programme and a young and growing population.

Presidential Spokesperson Harry Roque, at the Palace press briefing Thursday, said "In fact, it was [Finance] Secretary [Carlos] Dominguez [III] who informed me, they even adjusted the growth rate by.2 percent, which is very good news", he added.

Pernia said consumption would accelerate in the coming months.

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"That's spectacular growth after an election year", Pernia said.

"We are now seeing a sustained improvement in government spending in a run-up to our massive infrastructure program―the Build, Build, Build―which will continually unfold in the months ahead".

"The weakening will always be beneficial to exports and remittances, as far as spending of remittances by households here is concerned".

Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said the strong third-quarter expansion, together with manageable inflation, were in line with the regulator's expectations and validated current policy settings.

"That begins to be a concern if we are persistently growing above potential". Industry grew fastest at 7.5%.

Under the program, the government aims to build more airports, seaports, highways, railways, water and irrigation projects.

Growth in capital formation weakened to 6.6 percent in July-September, from 8.5 in the June quarter.


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