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ICD What's New

Philippine Q3 growth better than expected
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2019-11-11 17:11
The Philippines, one of the fastest growing economies in Asia, recorded higher than expected growth of 6.2 % in the third quarter, bucking the global trend of slowing growth.

The main reasons for the strong performance included increased government spending, interest rate cuts by the central bank, slowing inflation, and increases in agricultural output.

Third quarter growth topped forecasts of 6 percent and outpaced last year's figure of 5.5 % for the same period. As a result, the central bank, which has cut interest rates three times this year, is unlikely to cut rates again this year.

Central Bank President Benjamin Diokno said recently there will not be any further quantitative easing or reductions in the required reserve ratio in 2019. As for next year, decisions will depend on the economic situation, he added.

On the supply side, the recent outbreak of African swine fever in the Philippines, which has resulted in the culling of tens of thousands of pigs in the country, has not affected overall economic growth. In the third quarter, the service sector grew by 6.9%, the industrial sector by 5.6%, and the agriculture sector by 3.1%.

In recent years, the Philippine economy has tended to register faster growth in the fourth quarter as the roughly 10 million overseas Philippine workers send money back home, helping to boost consumption during the Christmas period.

Sources: Commercial Times, Anue website
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Update: 2019-06-17
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