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Philippine Says Economy Robust

Philippine Says Economy RobustPhilippine Says Economy Robust

Socioeconomic Planning Secretary Ernesto M. Pernia on Thursday released a report on the performance of the Philippine economy for the last quarter of 2016. He said the economy grew by 6.6%, supported by higher investment and consumption. Pernia was optimistic: It “is testament that our economy remains robust, and is growing at a healthy and steady pace”, NewsNow reported. It was mostly good news for the economy, with the country’s average full-year growth at 6.8%, which is right on target because the government was looking at 6% to 7% growth rate for last year. It is good to note, too, that this 6.8% growth is the country’s strongest in three years, and has actually made the Philippines the fastest-growing economy in Asia. This growth also brings the country’s seven-year moving average of real GDP growth rate to 6.3%—the highest since 1978. For the current year, Pernia is confident that the GDP will grow anywhere from 6.5% to 7.5%, despite some risks. These risks include extreme weather disturbances, greater volatility in capital flow and the possible changes in policy under the Trump administration.

 

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