(Eagle News) — National Economic and Development Authority (NEDA) Director General and Socioeconomic Planning Secretary Ernesto Pernia said on Tuesday that the Philippines was again one of the fastest-growing economies in Asia, only after China and Vietnam.
Pernia made the announcement after the Philippine Statistics Office announced the Philippine economy hit a 6.6-percent growth rate in the last quarter of 2017.
The PSA said this brought the overall growth of the country’s economy in 2017 to 6.7 percent.
According to Pernia, the Philippines ranked only next to China, which posted a growth of 6.9 percent; and Vietnam, which posted a growth of 6.8 percent.
Pernia said the industry sector recorded the highest growth in the fourth quarter, with 7.3 percent; followed by services with 6.8 percent.
Agriculture grew by 2.4 percent, rebounding from a 1.3-percent decline in the same quarter of the previous year.
Although Pernia admitted that the 2017 economic growth was 0.2 percent lower than the growth posted in 2016, he said this was a very moderate decline.
“To me, this is a good performance, given the fact that it is already normal for post-election years to witness a decline in economic growth,” Pernia said.
Presidential Spokesperson Harry Roque for his part said this growth in the economy contributed to the results of recent surveys that showed that 96 percent of Filipinos view the new year with optimism, and an “all-time high approval rating of President (Rodrigo) Duterte.”