World Economy

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.


Add new comment

Read our comment policy before posting your viewpoints