by: Sarah Joson
Monday, May 23, 2016 |
The Philippines posted a faster-than-expected 6.9 percent growth for the first quarter of this year. The nation is poised to hit full year targets and is recognized as one of the best performers for the period in Asia.
Not only did the growth figure beat economist forecasts, it is also the highest quarterly growth recorded in the country since the last quarter of 2014.
According to Economic Planning Secretary Emmanuel Esguerra, the growth was achieved even with the poor output from the agricultural sector, slow exports, and months of focus on electoral campaigns prior to the May 9 election. He also said the outgoing administration is pleased to be turning over a strong and stable country to President-elect Rodrigo Duterte who will start his term on June 30.
He also noted that despite the noticeable decline in business confidence in the second half, the country is not derailed from meeting the government’s full-year growth target of 6.8 to 7.8 percent. Moreover, he said throughout outgoing President Benigno Aquino’s six-year term, the country posted the highest growth for the country at more than six percent.