- The Philippine economy expanded by 7.1% in the first three months of President Duterte
- Experts are surprised that Philippines even beat China in the Asia ranking of growing economies
- Secretary Andanar said that the growth proves the Duterte admin does not focus solely on the war on drugs
In the first three months of President Rodrigo Duterte, the Philippines has become the fastest growing economy in Asia, as it expanded 7.1 percent compared to China’s 6.7 percent.
The expansion was driven bu a robust public infrastructure spending, growth in agriculture, upbeat consumer spending, encouraged low inflation and low interest rates.
“This underscores that the Duterte administration offers more than war on drugs, “ a proud Presidential Communications Secretary Martin Andanar said in a statement.
He added, “We have a sound economic vision and agenda that will spur growth to benefit the lives of our countrymen, especially the poor and the marginalized. “
Despite the concerns among foreign investors over the all-out war of the Duterte administration against the illegal drug trade in the country and Duterte’s tough-talking against the United States and the United Nation, economists and experts saint that it was a total surprise for the financial markets.
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It was also a proof that the Philippines is performing well despite the political noise in the country.
”We are the fastest growing among major Asian emerging economies that have already released data for the quarter,“ affirmed National Economic and Development Authority Director Reynaldo Cancio.
PH experts and leaders are hopeful that the economic growth of the country would continue and be as competitive as it is now.