As the government prepares to hand over leadership to the incoming administration. The Philippine economy grew faster in the first quarter of 2016 than expected at 6.9 percent compared with the same period last year, officials said Thursday.
According to a Socioeconomic Planning Secretary Emmanuel Esguerra, the Philippines is the fastest-growing economy among 11 selected Asian economies in the first quarter of the year, outpacing expansions in China (6.7 percent), Vietnam (5.5 percent), Indonesia (4.9) and Malaysia 4.2 percent).
“All these investments growth give us confidence that the economy will continue to perform well in the succeeding quarters of the year and beyond,” Esguerra said.
It is important not to miss the current wave of foreign investments in the region, where the Philippines is now a destination of choice. Demonstrating the maturity of its democratic institutions, policy consistency and agreement on a long-term vision are important for sustained business confidence, Esguerra added.
Finance Secretary Cesar Purisima said, “the next administration and indeed, the next generation, inherits a rapidly growing, vibrant Philippines cushioned by robust foundations built over six years.’’
Purisima said, “the Aquino administration was leaving the Philippines in a much better place than when it first found it.” – Carl E.