Philippine economy grew by 6.9％ in the third quarter of 2017

By APD writer Melo M. Acuna

**MANILA, November 16 (APD) ** – The country’s Gross Domestic Product (GDP) grew by 6.9 percent in the third quarter of 2017.

National Statistician and Civil Registrar General Lisa Grace S. Bersales said Manufacturing, Trade, Real Estate, Renting and Business Activities were the main drivers for the quarter.

“Industry recovered the fastest growth of 7.5% followed by Services with 7.1%,” Dr. Bersales said at a briefing late this morning at Astoria Hotel in Pasig City.

She added Agriculture slowed down by 2.5 percent from 3.0 percent growth in the previous year.

The Net Primary Income from the Rest of the World (NPI) grew by 5.7 percent compared with the 4.1 percent growth recorded in the same quarter of the previous year.

Gross National Income (GNI) posted a growth of 6.7 percent.

Dr. Bersales said with the country’s projected population reaching 104.9 million in the third quarter of 2017, per capital GDP grew by 5.4 percent.

She explained the per capita GNI and per capital Household Final Consumption Expenditure grew by 5.2% and 3.0 percent, respectively.

Meanwhile, Socioeconomic Planning Secretary Ernesto M. Pernia said Chinese Premier Li Keqiang’s commitment to help rebuild Marawi City with a 150 million Yuan would be a welcome development.

It will be recalled other countries pledged support to the reconstruction of the war-torn city in Southern Philippines.

He added all assistance to help rebuild Marawi City will help the economy.

In a related development, Secretary Pernia said while the Bangko Sentral ng Pilipinas reported a decline in remittances last September, the overall remittance from January to September this year grew by 4.8 percent year-on-year and reached US$ 23.2 billion.

“We hope we will still accomplish our growth target of 6.5 – 7.5 percent until year-end,” he further said.

(ASIA PACIFIC DAILY)