Philippines Posts Strongest Economic Growth in Asia at 7.1%.
- Nation seen as among fastest-expanding in the world until 2018
- Outsourcing, remittances help guard against global risks
The Philippine economy grew at its fastest pace in three years last quarter, underscoring the nation’s resilience to global risks as investment surged and consumers spent more. Stocks gained.
Undeterred by risks such as Donald Trump’s protectionist ambitions and President Rodrigo Duterte’s rants against the U.S., the Philippine economy is set to expand more than 6 percent until 2018 to rank among the fastest-growing in the world, according to economists surveyed by Bloomberg. Last quarter’s growth exceeded China’s 6.7 percent and Vietnam’s 6.4 percent in the same period. India, which posted growth of 7.1 percent in the second quarter, is yet to publish GDP data for the three months through September.
Gifted with a young population and backed by $50 billion of revenue from remittances and outsourcing, the Philippines is getting an additional boost from Duterte’s $160 billion-infrastructure plan aimed at creating jobs. Projects include at least $1 billion of contracts to build an airport and a railway to transform a former U.S. military base into a commercial hub.