58230
Philippines Grew 7% in Q4
Philippines Grew 7% in Q4

Philippines Grew 7% in Q4

Philippines Grew 7% in Q4

The economy likely grew 7% in the last three months of 2016, matching the expansion in the two preceding quarters, as manufacturing picked up, Sun Life Financial Philippines said Wednesday.
Growth in 2017, however, will likely slow to 6.7% due to the absence of election spending that aided growth in the previous year, said Sun Life chief investments officer Mike Enriquez, ABC/CBS reported.
The median of a Reuters poll predicted a 6.5% expansion in the fourth quarter. The country’s GDP grew by 7.1% in the 3rd quarter of 2016. The Philippine Statistics Office will release gross domestic product data on Thursday.
Enriquez said potential investors would consider the Philippines’ economic fundamentals over US President Donald Trump’s protectionist policies when making decisions. “It will still be economics over politics with regards to how businesses decide on whether to outsource critical functions to Asia or bring back jobs to the US,” he said.
The local business process outsourcing industry, he said, has been expanding its client base to Europe and Australia.
Enriquez said, President Rodrigo Duterte’s billion-peso infrastructure rebuild will provide incentive to Filipinos working in construction sites abroad to come home.
“We don’t have enough workers to do these major construction projects. We need workers back in the country,” he said. Returning OFWs can also find work in manufacturing, he added.
Meanwhile, the Philippines is expected to remain the fastest-growing economy in the Association of Southeast Asian Nations 6 this year, thanks to rising infrastructure spending and domestic demand, said economists of Standard Chartered Global Research.

Short URL : https://goo.gl/J3O5a4
  1. https://goo.gl/6dQr6W
  • https://goo.gl/qL7deY
  • https://goo.gl/1xf06M
  • https://goo.gl/XqpKHP
  • https://goo.gl/JS0tNy

You can also read ...

Westinghouse Electric, the leading US nuclear fuel producer, said it relies on China for zirconium and zirconium powder  for use in nuclear fuel assemblies
A broad cross-section of US businesses has a message for the...
Argentina Lacks Options to Defend Peso
With interest rates sky-high and the economy heading for...
BMW Seeking Broader China Collaboration
The opening-up is an important policy and German carmaker BMW...
Turkey, Qatar in Currency Swap Deal
The central banks of Qatar and Turkey signed a currency swap...
UK Business Pessimism Rising
Business leaders’ confidence in the British economy has fallen...
International Labor Organization has called for stronger...
Irish Economy in Post-Recovery Stage
The economy is in a strong position and has moved into a post-...
Asian Countries Vie to Set Up Crypto Valleys
The race to establish cryptocurrency hubs in Asia is gathering...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus