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Philippines economy is rising

Global News Briefs 13 Nov, 2019 Follow News

Philippines economy is rising

The Philippine economy grew faster than expected in the third quarter fuelled by stronger government spending, making it almost certain there won't be a need for more policy easing this year. The capital Manila has seen a huge increase in jobs and general prosperity.

Gross domestic product in the July-September quarter grew 6.2 percent from a year earlier, the statistics agency said, exceeding the 6.0 percent median forecast in a Reuters poll. That compared with 5.5 percent growth in the prior quarter.

On a seasonally-adjusted basis, the economy grew 1.6 percent in the third quarter.

An expected pick-up in government spending, slowing inflation, a rebound in farm output combined to lift third quarter growth.

The Philippines remains one of the fastest-growing economies in Asia, but rising uncertainties, including ongoing US-Sino trade tensions, had put this year's 6-7 percent growth target at risk.

Economic Planning Secretary Ernesto Pernia said the economy would need to expand by at least 6.7 percent in the final quarter to meet at least the bottom end of the growth goal.

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