Pernia says PHL economy to grow by 6.7-6.9% in 2017

The Philippine economy is expected to grow by 6.7 to 6.9 percent this year, given the “firm” and “stable” macroeconomic fundamentals of the country, the National Economic Development Authority (NEDA) said Thursday.

“Between 6.7 and 6.9, I think,” Socioeconomic Planning Secretary Ernesto Pernia said when asked for the full-year outlook on the gross domestic product (GDP) this 2017.

The GDP expanded by 6.4 percent in the first quarter of the year, 6.7 percent in the second quarter, and 6.9 percent in the third quarter.

“We recorded a 6.7-percent growth in the first three quarters of 2017. We’ve seen robust domestic consumption and government spending, and there has been recovery in external demand,” Pernia told reporters during a briefing in Pasig City.

“Our macroeconomic fundamentals remain firm and stable. Inflation [is] within target, and trade continues to grow,” he said.

Pernia is optimistic the government will hit its 6.5- to 7.5-percent growth target this year.

“Truly, there is much to look forward to in 2018, and we are all very excited to see much-needed reforms realized next year,” he said. — VDS, GMA News