‘Not there yet’: Espenilla dismisses overheating fears
Rapid economic growth shouldn’t be alarming.
The 6.9 percent gross domestic product (GDP) growth during the third quarter may have been faster than expected, but it shouldn’t be too surprising for an economy with a lot going on.
Bangko Sentral ng Pilipinas Governor Nestor Espenilla, Jr. even quelled fears that the Philippine is nearing an overheat, saying that current economic activity justifies the faster GDP increase.
“That begins to be a concern if we’re persistently growing above potential. To keep growing strongly without overheating, we expand potential itself through high quality investments funded in a sustainable manner,” Espenilla said in news reports.
There’s no way but up for the economy as far as the government is concerned, with the Department of Finance saying that GDP growth will grow even faster come the fourth quarter.