The Philippines, The Fastest Growing Asian Economy
For almost three decades, this is the very time that the Philippines outpaced China as the fastest growing Asian economy. And this is a one true legacy President Noy have achieved during his administration.
As measured by the country’s Gross Domestic Product (GDP), the Philippine grew 6.9% in January to the month of March this 2016, and according to National Economic and Development Authority (NEDA), this is the highest quarterly expansion in nearly 3 years.
The end-March growth of the country outpaced 11 other major Asian economies, including progressive countries like Vietnam which have 5.5%, Indonesia with 4.9% and Malaysia with 4.2%. The end-March growth is faster than the revised 6.5% in the previous quarter, record shows.
With country’s strong and positive growth in the first quarter, it is really a good news that the Philippine economy is on track to meet the government’s growth target this year with is 6.8 to 7.8 percent.
Emmanuel F. Esguerra, Economic Planning Secretary said, “We are pleased to be turning over a strong and stable economy to the next administration.”
President Aquino’s administration for over last five years, made a significant socioeconomic progress with the return of economic and political stability, which the incoming administration can continue, Esguerra added.
“We should not miss the current second wave of foreign investments into the region, especially now that we have finally become an investment destination of choice.”
The positive growth besetting by gains in the services sectors and industry, which grew at 8.7% and 7.9%, respectively.
The highest in 5 quarters is the growth in the industry sector which supported by utilities, manufacturing, and construction.
According to NEDA chief, “The strength of both the industry and services sectors once again shows the ongoing structural transformation taking place in our economy, which is crucial for sustaining economic growth and generating quality jobs.”
Cesar V. Purisima also echoed Esguerra’s statement that the next administration is very lucky to inherit a “rapidly growing” economy.
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