Philippines, Fastest Growing Asian Economy In Q1
The Philippines currently has the fastest growth in the economy in Asia and even surpassing the giant China for the first time in three decades, in the first quarter mostly due to the spending before the May elections.
According to a report on Manila Bulletin, the country’s Gross Domestic Product (GDP) has grown by 6.9 percent from the period of January to March 2016, and is recorded, according to the National Economic and Development Authority (NEDA), as the highest quarterly expansion in the last three years.
The growth in the end of March also passed the eleven other major Asian economies that includes Vietnam (5.5%), Indonesia (4.9%), and Malaysia (4.2%).
The government is confident to reach the target of 6.8 to 7.8 percent growth for 2016 with the strong growth just in the first quarter.
“We are pleased to be turning over a strong and stable economy to the next administration,” said Economic Planning Secretary Emmanuel F. Esguerra as quoted in the report.
Esguerra also said that the socioeconomic growth was contributed by the Aquino administration in the past five years as politics and the economy stabilizes. He added that the incoming Duterte administration could build on this.
Finance Secretary Cesar V. Purisima even agreed Esguerra’s statement that the incoming administration will inherit a “rapidly growing” economy of the Philippines.
Secretary Esguerra also pointed out about the country should not miss the coming second wave of foreign investments as the country now became an “investment destination of choice.”
According to an article in Bloomberg, the country’s growth will still remain strong in 2016 because of the factors such as the remittances from OFWs and the expansion of outsourcing industries like call centers.
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