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

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.

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Report from  PNA

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