Inquiry Line (Signal only)

Live Broadcast

An HTTP error occurred during file retrieval. Error Code: 405

Philippines sustains robust economic growth under Duterte

Facebook
Twitter
LinkedIn
Pinterest
Pocket
WhatsApp

Despite a slowdown in the fourth quarter, the country’s GDP grew 6.8 percent last year, according to data from the Philippine Statistics Authority.

The annual growth was the fastest since 2013, according to the government.

“Our economy remains robust and is growing at a healthy and steady pace,” said Economic Planning Secretary Ernesto Pernia.

As for the fourth quarter last year, GDP slowed down to 6.6 percent from seven percent in the previous one due to a decline in agriculture and services.

The industrial sector showed the fastest growth at 7.6 percent from October through December, up from 6.5 percent in the same period the previous year.

Household consumption grew 6.3 percent in the fourth quarter compared to the same period the year earlier with business investment up 15 percent.

According to the Statistics Office, trade, manufacturing, real estate, renting and business activities were among the major drivers.

China to give Philippines $14mn in guns, offers $500mn long-term loan https://t.co/Cz5amBZFdA

— RT (@RT_com) December 20, 2016

“The current government has sustained the economic policies that have been responsible for a trend growth of 6.2 percent in the last six years. The economic team is also a solid team and has a significant influence on the President’s economic decisions,” said Joey Cuyegkeng, senior economist at multinational financial services company ING, as quoted by CNBC.

The latest numbers are partially the results of policies pursued by the previous Philippine administration that erased bureaucratic barriers to infrastructure spending.

READ MORE: Philippines President Duterte calls off US rifle deal

“This momentum has sustained since then, and as a result, investment continues to make a near-record contribution to the structure of growth,” said Joseph Incalcaterra, an economist with HSBC, as quoted by FT.

#Duterte tells local #tycoons: ‘I owe you nothing,’ opening Philippines to foreign investment https://t.co/tGeizUyTTl

— RT (@RT_com) November 25, 2016

“There are definitely some risks on the horizon stemming from protectionist policies in the US, but we think the Philippines is less at risk compared to other Asian economies,” the analyst added.

The Philippine economy is currently among the fastest growing in Asia, topping China’s 6.7 percent growth. India is yet to reveal its economic data for 2016.

Original Source

Facebook Comments
Facebook
Twitter
LinkedIn
Pinterest
Pocket
WhatsApp

Never miss any important news. Subscribe to our newsletter.

Recent News

Follow Radio Biafra on Twitter

Editor's Pick