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Asia Today ISSN 1861-4604 Monday, August 20, 2018

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Philippine economy records strong growth, beats China

Recorded strong growth in the September

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MANILA, Philippines - The Philippine economy is said to have recorded strong growth in the September quarter of 2017.

According to reports, while Philippine President Rodrigo Duterte may have received poor marks for his human rights record, his country is doing well when it comes to the economy.

So much so, that the Philippine economy has performed better than China’s.

The Philippines economy grew at an annual 6.9 percent in the September quarter of 2017, the strongest growth since the third quarter 2016. 

The economy performed slightly above China’s third quarter annual growth, which grew at 6.8 percent in the third quarter of 2017, that country’s weakest pace of expansion since the fourth quarter of 2016.

According to the World Bank, for 2017 the Philippines economy is expected to advance between 6.5 to 7.5 percent, and occupy the position of the world’s 10th fastest growing economy.

Further, Tradingeconomics.com noted that GDP Annual Growth Rate in Philippines averaged 3.72 percent from 1982 until 2017, reaching an all-time high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10 percent in the first quarter of 1985.

Experts believe that the Philippines economy is not just growing faster, but is also been performing better with time. 

The trade deficit narrowed to $1.91 billion in September of 2017 from $2.02 billion in the same month a year earlier. 

Meanwhile, non-performing loans dropped down to 1.8 percent, as business access to bank lending improved. And the debt-to-GDP ratio edged lower, while that ratio, for other Asian countries including China, soared.

The Philippines’ economy has been helped by a stable macroeconomic environment, tax reforms, market liberalization, brisk infrastructure spending, and a revival in the global economy.

 

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