Socioeconomic Secretary Ernesto Pernia on Tuesday was pleased to report that Philippine economy’s performance remains on target in the last quarter of 2017.
Hitting a solid 6.6 percent growth rate in the last quarter of the year that brought 6.7 percent full-year growth, Philippines became one of the fastest growing economies in Asia after China with 6.9 percent and Vietnam with 6.8.
Looking at performance in 2005 and 2011 which are both post-election year like 2017, both years dropped from 6.8 percent in 2004 to 4.8 the following year, and 7.8 in 2010 to 3.7 in 2011.
Therefore, 2016 performance, which was 6.9 percent to 6.7 percent on the following year, was considered good performance, knowing the fact that post-election years face serious economic shrinkage.
Government final consumption expenditure, such as timely delivery of public services and social protection programs, including assistance to victims of typhoons as well as in the Marawi conflict, public scholarship programs, and health expenditure programs in fourth quarter backed by robust growth of 14.3 percent from 4.5 percent in the previous year.
External demand improved with growth in exports of goods bounced back to 20.2 percent in the fourth quarter from 17.2 percent in Quarter 3, this offset the services exports sector’s slowdown from 19.9 percent in the previous quarter to 12.6 percent in Quarter 4.
Domestic demand growth also advanced to 7.3 percent in the fourth quarter from 6.4 percent in the third quarter,
Fixed investments growth accelerated to 9.3 percent with strong equipment growth to more than 12.1 percent is another indication of continued businesses confidence in the long-term prospects of the Philippine economy.
A record of public construction expenditure at 25.1 percent that balanced the 2.9 percent contraction in private construction keeps the overall construction growth which is a boost including the Build Build Build program.
Agriculture recovered from last year’s decline of -1.3 percent to 2.4 percent growth.
Pernia said that 2016 and 2017’s economic growth has been strong and steady, and hopes that the trajectory for 2018 shifts upward.
Philippine economy showed strong growth and still has more room to grow, so the government remains committed to wide-ranging growth, and hoping to acquire Filipinos and private sectors’ commitment. (Angelica Bobiles – PTV)
