On Thursday, Philippine Statistics Authority released a report as Gross Domestic Product (GDP) grew year-on-year by 7.1 percent in the third quarter of 2016 which is higher than the growth rates of 7.0 percent in the second quarter of 2016.
|Makati City, Philippines|
This economy growth is driven by Manufacturing, Trade, and Real Estate, Renting and Other Business Activities.
"With the country’s projected population reaching 103.5 million in the third quarter of 2016, per capita GDP and per capita GNI grew by 5.3 percent and 4.6 percent, respectively. These are both higher than the respective growth of 4.4 percent and 4.5 percent in 2015", PSA noted.
NEDA Undersecretary Rosemarie G. Edillon mentioned during an interview at The Heritage Hotel, "We are the fastest-growing among major Asian emerging economies that have already released data for the quarter. We are higher than China’s 6.7 percent, Vietnam’s 6.4 percent, Indonesia’s 5.0 percent, and Malaysia’s 4.3 percent. From the supply or production side, we are happy to note the recovery signs of agriculture, which is one of the major development priorities of this administration."
President Rodrigo Duterte has promised the Filipino people that they will experience change in the economy reducing hunger and poverty. Strengthened partnership with Asia-Pacific region allies like Japan and China, has brought positive effect to the economy. As a result, the President has maintained these countries as PH top trading partners.
Likewise, while reforms on peace and order, war on drugs, has been strictly implemented, it somehow brought more solid economic development programs in the country.