Prepare to be shook: Dominguez says Q4 GDP growth to clock in faster
The Philippine economy will be zooming even faster by then.
Finance Secretary Carlos Dominguez III said the economy has a lot more to show come the fourth quarter, which could possibly surpass the 6.9% expansion logged between July-September.
The Philippine Statistics Authority reported that gross domestic product (GDP) grew faster in the third quarter with a surge in the industry and services sectors, but noted that there’s still room for the economic performance to accelerate.
“Expect a more riveting growth narrative in the fourth quarter and onwards as the Duterte administration shifts to higher gear its unparalleled investment and stimulus program on the strength of the government’s greater absorptive capacity and its resolve to advance its ‘Build, Build, Build’ infra program as the main driver of the economy,” the Cabinet official said in a statement.
Dominguez grew even more confident that the 6.5-7.5 percent growth goal is doable for 2017, with the nine-month average now at 6.7%. Increased infrastructure spending as well as human capital formation will unlock more growth opportunities, he said.
“Malacañang would be able to maintain fiscal discipline despite the escalated public spending on the Duterte watch owing to its commitment to provide a steady revenue stream for its P8.4-trillion ‘Build, Build, Build’ program,” Dominguez added, relying on grants from official development assistance and additional revenues from the planned tax reform program.
Will growth hit the 7% level once more? Stay tuned.