© Reuters. Buildings at a nearby business district tower over a crammed residential area in Makati City, metro Manila, Philippines January 25, 2017. REUTERS/Romeo Ranoco/File Photo
By Neil Jerome Morales and Mikhail Flores
MANILA (Reuters) – The Philippine economy rebounded strongly in the third quarter, supported by a recovery in government spending and making this year’s growth target of 6%-7% “doable”, the economic planning secretary said on Thursday.
Gross domestic product (GDP) rose 5.9% in the September quarter from last year, surpassing the 4.7% forecast in a Reuters poll, helped by a turnaround in government spending that grew 6.7%, reversing the previous quarter’s 0.7% decline.
“We hope to maintain this momentum for the remainder of the year and the years to come,” Economic Planning Secretary Arsenio Balisacan told a media briefing.
The third-quarter put growth for the January to September period at 5.5%, less than the government’s 6%-7% target for 2023. Even so, Balisacan said the goal was “still doable” and “within reach”.
On a quarter-on-quarter basis, GDP expanded 3.3%, better than economists’ expectations of 2.0% growth and the previous quarter’s 0.9%…
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