Philippine economy posts 7.1 per cent growth in third quarter

MANILA, Philippines – Officials say the Philippine economy grew faster than expected in the third quarter at 7.1 per cent from the same period a year ago, cementing the country’s chance of achieving its full-year growth target of 6 to 7 per cent.

The growth has been fueled by a rise in food manufacturing and a rebound in the agricultural sector after five consecutive quarters of decline. It is faster than the 6.2 per cent rise in gross domestic product in the third quarter last year, and a 7 per cent expansion in the first half of 2016.

Reynaldo Cancio, a director of the National Economic Development Authority, says the growth is higher than major Asian economies that have released third-quarter data so far, including China’s 6.7 per cent third-quarter growth.