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[av_heading heading=’BSP chief confident of further rise in PH GDP’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading]
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AP
Motorists are seen navigating a busy intersection along Makati Avenue in Metro Manila’s central financial and business district.
MANILA – Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla Jr. is confident that growth this 2017 will sustain its expansion following another uptick to 6.9 percent in the third quarter.
The National Economic and Development Authority (NEDA) on Thursday reported that the latest quarter’s growth, which is higher than the upwardly revised 6.7 percent in the previous quarter but lower than year-ago’s 7.1 percent, was driven by the industry and services sectors.
Growth, as measured by gross domestic product (GDP), averaged at 6.7 percent in the first three quarters this year, within the government’s 6.5-7.5 percent target.
Espenilla told reporters that “the strong Q3 GDP growth together with manageable inflation are in line with our expectations and validate current policy settings.”
“GDP growth also remains within current potential which will expand further in the future as investments in both physical and human capital ramp up,” he said.
Some analysts have flagged overheating of the domestic economy but Espenilla said discounted this saying “(it’s) not yet there.”
He explained that overheating “begins to be a concern if we’re persistently growing above potential.”
“To keep growing strongly without overheating, we expand potential itself – through high quality investments funded in a sustainable manner,” he added. (PNA)
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