76350
Philippines Growing Faster Than Expected
Philippines Growing Faster Than Expected

Philippines Growing Faster Than Expected

Philippines Growing Faster Than Expected

The Philippine economy grew at a faster than expected 6.9% annual pace in the July-September quarter, helped by increased public spending on pay hikes for government personnel, officials said Thursday.
Economic Planning Secretary Ernesto Pernia described the growth reported as a “spectacular growth rate after an election year.” It surpassed a market consensus forecast of 6.6% and was an improvement on 6.7% growth in April-June, AP reported.
President Rodrigo Duterte inherited a booming economy when he took office in May 2016. So far growth has remained on track, despite the country’s massive poverty, inequality and insurgencies.
Growth in July-September last year was 7.1%. Manufacturing output expanded 7.5% from a year earlier, while public consumption rose 8.3% thanks to increased pay and allowances for public employees, including the military, 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,” Pernia said. “This is expected to ratchet up public spending even further.”
Household consumption is also seen picking up in the last quarter due to the Christmas season, he added. Pernia said the economy is on track to meet the government’s full-year growth target range of 6.5-7.5%.
The Philippines has posted more than 6% growth for nine consecutive quarters, making it among the fastest growing economies in the region.
Still, civil strife in the southern third of the country has taken a toll as seen in the dismal performance of the Philippine peso this year. Any delays in the government’s ambitious infrastructure program also could pose risks.

 

Short URL : https://goo.gl/KzhqSe
  1. https://goo.gl/H7H8Ge
  • https://goo.gl/cwYXz4
  • https://goo.gl/yr25gy
  • https://goo.gl/8kFPD7
  • https://goo.gl/bYfrA3

You can also read ...

India Launches 888 Anti-Dumping Probes
The Indian government has initiated as many as 214 anti-...
Federal Reserve Board Chairman Jerome Powell speaks during a hearing before the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chairman Jerome Powell said protectionism...
Shifting transactions from cash to digital payments holds great promise for  individuals, businesses and governments.
More than 23% of the world's economy operates out of sight of...
Fitch Retains Philippine  Debt Rating
Global debt watcher Fitch Ratings kept the Philippines’...
UN to Help Rebuild Gaza Economy, Create Jobs
Against the backdrop of rapidly rising tension, violence,...
EU to Fine Google $5 Billion
Google will be fined about €4.3 billion ($5 billion) by the...
Lloyds Loses Mortgage Market Share
Lloyds lost market share in UK mortgages last year as Royal...
The warnings come amid a period of financial uncertainty for the world.
US officials who helped the country survive the 2008 financial...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus