Neda reports 7% economic growth in 3rd Q

MANILA, Philippines—The Philippine economy expanded by 7.1 percent in the third quarter, according to government officials. Thus, the economy is poised to meet the 7 to 8 percent average annual growth rate that government targeted in its medium-term plan to curb poverty.

“We posted the fastest economic growth within Asean,” Socioeconomic Planning Secretary Arsenio Balisacan said at a news briefing on the country’s third-quarter performance.

He noted that year-to-date growth was already 6.5 percent, which means full-year growth would likely beat the target of 5 to 6 percent and move toward the previously “aspirational” 7 to 8 percent range.

“Next year we expect this momentum to continue,” Balisacan said.

National Statistical Coordination Board Secretary-General Jose Ramon G. Albert said, “Increased consumer and government spending, increased investments in construction, and the third consecutive quarter of growth in external trade contributed to the highest quarterly growth since the third quarter of 2010.