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Philippine economy grows 6.4% in Q1 2017

18 May 2017

At a televised press conference, Economic Planning Secretary Ernesto Pernia said that the country remains one of the strongest performers among emerging economies in Asia.

"We are only second to China's 6.9 percent while India has not yeat released their data", Pernia said.

The first quarter growth was lower than the 6.8% expansion registered in the same period a year ago, the Philippine Statistics Authority said.

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Pernia said the slowdown could be explained by the absence of election spending, which boosted growth a year earlier. Cahyadi expects full-year growth to come in at 6.4 percent.

Manufacturing, trade, and other services were the main drivers of growth, the Philippine Statistics Office, an attached agency of the National Economic and Development Authority (Neda), said. Nevertheless, he said, the 6.4% exceeded the growth of neighboring countries, adding that the economy was still on track for the government's 2017 target of 6.5%-7.5% growth. All Shares declined by 0.87 percent or 40.61 points to 4,612.40. This was followed by the industry sector, which decelerated to 6.1 percent as compared with the 9.3 percent recorded in the first quarter of 2016.

"This was better than during the previous administration where government consumption, spending and public construction contracted by about 15 percent and 37 percent, respectively", Pernia said.

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Exports of goods also grew by 22.3 percent, the fastest rate since the third quarter of 2010, Pernia noted.

"It is important to ensure that government spending for both consumption and investment remains within the fiscal program, which is critical to sustain the growth momentum", he said.

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Philippine economy grows 6.4% in Q1 2017