Manila, Philippine (BBN)-The Philippine economy grew 6 per cent year-on-year in the three months to September, slightly below forecasts but still leaving it on track to be one of Asia’s fastest growing economies this year.
Arsenio Balisacan, the country’s economic planning secretary, said the numbers were an encouraging sign of a steadily growing economy, reports BBC.
The Philippines is Southeast Asia’s fifth largest economy.
The economy grew by 1.1 per cent in the quarter from the previous three-month period.
That was also below expectations, and marked a slowdown from the 2 per cent growth recorded in the three months to June.
However, Balisacan said the latest gross domestic product figures made full-year growth of 6 per cent likely, with even better prospects for the final quarter.
The country’s services sector gave the economy a boost, together with investment demand and government spending – which Balisacan said was in line with efforts to address spending bottlenecks.
Rahul Bajoria, emerging markets economist at Barclays, told the BBC there had been a pick-up in construction, transfers and weather-related income support from the government.
Since President Benigno Aquino came to power five years ago, the government says its infrastructure spending has tripled.
However, rail networks, ports, roads and airport developments have all faced delays, and poor infrastructure costs the economy an estimated $60m (£39.6m) a day.