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MANILA – Consumer spending and the rollout of key infrastructure projects drove the economy to grow above 6.5 percent in the third quarter, First Metro Investments Corp. FMIC) and the University of Asia and the Pacific (UA&P) said in a report.
“We see another 6.5 percent or better expansion in GDP (gross domestic product) for Q3, as consumer spending should kick up,” FMIC and UA&P said in the October 2017 issue of “The Market Call.” It cited gains in remittances.
According to the central bank, personal remittances rose by 8.7 percent to $2.559 billion in July.
FMIC and UA&P also noted higher government spending in August.
The Department of Budget and Management said fiscal spending increased by 13.9 percent to P201.6 billion.
“National government disbursements continued its above-10 percent growth pace, marking its fourth consecutive month of double-digit growth amidst the resumption of key infrastructure projects,” the report said.
“Exports renewed its above-10 percent gains in Q3 and should continue to boost growth for the quarter,” it added.
According to data from the Philippine Statistics Authority (PSA), exports totaled $5.51 billion in August.
The Philippine economy grew by 6.5 percent in the second quarter, bringing the first-half GDP growth to 6.5 percent.
The PSA is scheduled to release the third quarter GDP numbers on November 16.
The government targets a 6.5-percent to 7.5-percent growth this year, and 7-percent to 8-percent in 2018 to 2022. (GMA News)
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