Philippine Economy Grew 6.9% for the Last Quarter of 2017 Under Pres. Duterte

The Philippine government under the administration of Pres. Rody Duterte grew 6.9 percent in the last quarter of 2017, which exceeds all estimates in a Bloomberg survey and cementing its position as one of the fastest-expanding economy in the world.



According to Philippine Statistics Authority (PSA) the Gross Domestic Product of the Philippines increased 6.9% from a year earlier, expanding 6.7 percent growth in the previous three months.

The Philippine growth exceeded 6 percent for a ninth consecutive quarter. Under the administration of Pres. Rody Duterte the Philippines is emerging as one of this decade's economic stars with the World Bank predicting growth of more than 6 percent until 2019.

The positive economic growth of the country is underpinned by an ambitious infrastructure building program and a young and growing population.

Finance Secretary Carlos Dominguez said that he expects faster growth in the succeeding quarters while Bangko Sentral ng Pilipinas Governor Nestor Espenilla said there are no signs of overheating in the economy.

The 72-year-old Philippine President Duterte has secured loans from China and Japan to help finance $180 billion of spending on projects such as the capital's first subway and a network of railways and highways across the archipelago.

Aside from the positive economic growth of the Philippines, the country also relies on more than $50 Billion of remittances and outsourcing revenue every year which is helping support the country's consumer spending and luring retailers worldwide to invest in the Philippines.

Source: Bloomberg / PIA

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