PH still among Asia’s fastest growing economies - NEDA

PH still among Asia’s fastest growing economies - NEDA

Amidst the increase in inflation percentage the Philippines remains as one of the fastest growing economies in Asia.

The country registered a slightly slower growth at 6.1% in the third quarter of 2018.

National Economic and Development Authority (NEDA) Director General Secretary Ernesto Pernia (photo credit to GMAnews)

The country’s 3rd quarter economic growth is 3rd in Asia, Vietnam’s is at 75 and China’s 6.5 percent, and way ahead of the 5.2 of Indonesia.

The  National Economic and Development Authority (NEDA) Director General Secretary Ernesto Pernia said the slower economic growth of the country is because of the weaker agriculture output and ‘temporary ‘ decline in household spending due to the increase of inflation.

The Agricultural sector pulled down the country’s numbers by -0.03 due to the highly regulated trading scheme and the several strong typhoons that made havoc on the production of farmers.

He explains the economic growth of the country for atleast 6 percent for 14 consecutive quarters suggests that the Philippines is “now on a higher growth trajectory.”

Domestic demand is expected to pick up in the 4th quarter due to the holiday season at the same time the government is addressing upward pressures on prices, most especially on food.

Pernia cites the issuance Administrative Order No. 13  which addresses the perennial problem in streamlining procedures covering the importation of food products.

“From the previous years, fourth-quarter consumption spending normally picks up quite a bit,” he noted.

October 2018 inflation remains at 6.7%, but it eases month to month by 0.3
% since it peaked in August.

Socioeconomic Planning Secretary Pernia , explains that the country would have registered a growth “easily between 6.5 to 7 percent” in July to September were it not for the inflation increase.

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Report from PNA

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