Look: Philippine Economy Grew 6.5 Percent in the Second Quarter of 2017 Under Duterte




The Philippine economy grew 6.5 percent in the second quarter of 2017 under the leadership of Pres. Rody Duterte which is contrary to numerous previous reports by the mainstream media that the country will suffer a lower economic growth due to Pres. Duterte's war on drugs.

The 6.5 percent growth of the Philippines exceeds the economic forecasts by economic experts, as Pres. Duterte moved to build P8 trillion in new infrastructure, based on official data released by the national government.


Philippines Gross Domestic Product (GDP) grew at a faster clip in the month of April to June period when compared to the 6.4 percent expansion in the first quarter according to the records of the Philippine Statistics Authority.


 
Under Pres. Duterte, the Philippines maintained its status as one of Asia's Fastest Growing Economies overtaking Vietnam and Indonesia and second only to China as revealed by Socioeconomic Planning Secretary Ernesto Pernia.

Sec. Pernia said that the Duterte administration's spending "stepped up" during the period while private sector spending "slackened." He also added that "Think what could have happened if government and private sector" moved together, Pernia said. "We need everyone and every sector to move in synch," the secretary noted.

Based on data gathered showed that the government spending grew 7.1 percent in the second quarter from 0.1 percent in the previous quarter while investment growth slowed to 8.7 percent from 10.6 percent.

The economist explained that the economy was on track to meet the low end of the 6.5 to 7.5 percent goal this year. The economic team of Pres. Duterte is targeting growth of 7 to 8 percent annually from 2018 to 2022.

No comments

Powered by Blogger.