By: Marites Toledo
CONTRARY to negative views of anti-Duterte administration groups and individual personalities, the Philippine economy during the third quarter moves faster than other economic giants.
Economic data released by the Philippine Statistics Authority (PSA) showed that the Philippines registered 7.1% gross domestic product (GDP).
This means, the Philippines remains an economic giant despite bloody wat against drug lords and their protectors.
GDP, which is the summary of the total value of all the products and services produced in a specific period, is the measurement of economic growth and development of all countries, including those controlled by the communist parties.
The 7.1% is better than the 7% GDP in the second quarter period.
PSA said the 7.1% GDP is definitely better than China’s 6.7 percent GDP for the third quarter.
Vietnam has 6.4 percent, Indonesia’s 5 percent, and Malaysia’s 4.3 percent.
This means that the Philippine economy under President Rodrigo Roa Duterte, who is against United States’ intervention in the Philippine affairs, has further improved.
The figure readily junked the negative perceptions that Duterte is pushing the country to economic crisis.
Economic thinkers said the country needs to produce 6.9% in the fourth and last quarter of the year to realize the full 7 percent GDP growth for 2016.
The economic boom was the result of smooth transition of transfer of power from the Aquino administration to Duterte administration on June 30, the immediate proper use of the Duterte administration on the P3 Trillion national government budget for 2016 set by the Aquino administration, and the increased spending of the government on infrastructure projects within the first three months of Duterte’s term.
For the point of view of the businessmen and economists, infrastructure is an strategic tool in further improvement and development of the economy.
The economic boom resulted to the positive business ventures.
Government data revealed that the private investments jumped 16.2 percent from 4 percent during the same period last year.
Public construction grew 20 percent, while private consumption increased by 7.3 percent.
Positive economic conditions even brought the agriculture sector to improve by 2.9 percent, breaking five consecutive quarters of decline.