PH economy grows 6.4% in Q4, 2nd fastest in Asia

The Duterte administration seems to be doing the right things despite the different setbacks most especially with respect to the natural disasters that besets the country, add the fact that the 2019 budget was signed only in April.

The recent numbers are in and the Philippine economy expanded by 6.4 percent in the fourth quarter which brings the full-year economic growth to 5.9 percent.

Socioeconomic Planning Secretary Ernesto Pernia said the Philippines likely ranked second only behind Vietnam’s 7 percent and higher than China’s 6 percent growth rate in the fourth quarter.

Manila Port
(photo credit to owner)

“We have seen our economy facing several challenges right at the start of 2019 as the budget impasse led to delays in the implementation of government programs and projects. Adding to the problem was the election ban on certain, mainly infrastructure projects,” he said.

President Rodrigo Duterte signed the 2019 national budget only in April.

According to the Socioeconomic Planning Secretary, last year’s economic growth was slowest in 8 years, and slightly below the low-end of the 6 to 6.5 percent revised target of the government for the year.

As per the Philippine Statistics Authority (PSA) reported that among the major economic sectors, services posted the fastest growth in the fourth quarter of 2019 with 7.9 percent.

The government said the industry grew 5.4 percent, while agriculture, hunting, forestry, and fishing registered a growth of 1.5 percent.

What can you say about the article?

Share us your thoughts by simply leaving on the comment section below. For more news updates, feel free to visit our site often.

Stay updated with today's relevant news and trends by hitting the LIKE button.

Thanks for dropping by and reading this post.

Report from  PNA

Disclaimer: Contributed articles does not reflect the view of THE PH CHRONICLES. This website cannot guarantee the legitimacy of some of the information contributed to us. You may do additional research if you find some information doubtful. No part of this article maybe reproduced without permission from this website.