Beyond the political noise, Philippine jumped to 7.1 % on 3rd quarter GDP growth which blew most economist’ expectation. GDP hike was fueled by the following factors:
Strong consumer spending and investment spending
Infrastructure and construction investment from private sector grew by 16.2% higher by 4% compared to last year
Government investment expanding about 20%
Household consumption grew 7.3 %
Export rose 7.8% ( inclusive of agriculture sector growth of 2.9% which broke it’s 5 quarter decline)
Industries grew 8.6%
I believe the local and international sectors are settling in and getting used to President Duterte’s with the strong mannered rhetoric and see thru it.
In an ANC interview with Dr. Marc Faber (economist and author of Gloom Boom and Doom), he reiterated that President Duterte is favorable for the Philippine Economy. Some Asian country like the Philippines needs someone like Lee Kuan Yew to impose discipline on the people.
At the end, our good economic fundamentals and efficient economic managers will lead us to further economic success.
