Philippine Economy Steady

Philippine gross domestic product grew by 6.8% in 2016, the fastest in Asia, besting China’s GDP growth of 6.7% and Vietnam’s 6.2% last year, Business World reported. Socioeconomic Planning Secretary Ernesto M. Pernia disclosed that economic growth slightly decelerated to 6.6% in the last three months of 2016 from 7.0% the previous quarter. But the concurrent director general of the National Economic and Development Authority said this is “testament that our economy remains robust and is growing at a healthy and steady pace.” He noted that the fourth-quarter growth of an election year is “usually slower than the first half due to the transition of government, and as investors adopt a ‘wait-and-see’ attitude.” According to the NEDA chief, the growth was fuelled by higher investment and consumption, while the Philippine Statistics Authority said the main economic drivers during the fourth quarter were manufacturing, trade, real estate, rental and business activities.