PH economy likely grew in Q3 on investments, exports’

  • Page Views 162
  • ROBUST private and public spending, as well as increased exports, likely caused the Philippine economy to rise by more than 6 percent in the third quarter of 2018, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in a joint report on Tuesday.

    In its latest issue of “The Market Call,” FMIC and UA&P said the “economy likely expanded faster in Q3 (third quarter) than the 6 percent posted for Q2 (second quarter), as red-hot investment spending and robust manufacturing sector stepped up on the accelerator.”

    The “country’s investment-led story remains solid” as imports of capital goods rose by 39 percent year-on-year in July, much faster than June’s 30-percent expansion, it added.

    The report’s authors also suggested that government spending “added fuel to growth” with a 28.7-percent uptick in August, likely driven by infrastructure and capital outlays, which grew by 70.5 percent in the month.

    “We have indicated our view that growth in Q3 will be supported by strong investments, especially with the [Duterte] administration’s unrelenting effort to push for faster completion and faster delivery of the ‘Build Build Build’ projects they have lined up,” they added, referring to the government’s massive infrastructure program.

    FMIC and UA&P, meanwhile, underscored a “more robust” growth in exports in the third quarter.

    They emphasized that the Philippines’ export performance bucked the previous lackluster trend, recording its second monthly gain at the start of the quarter.

    Exports increased by 0.3 percent year-on-year to $5.8 billion in July, following the 2.8 percent gain in June. Outbound shipments declined from January until May.

    GDP growth fell below expectations in the second quarter at 6.0 percent, bringing first-half expansion to an average of 6.3 percent, lower than the government’s revised 6.5-6.9 percent target.

    (M.U. Caraballo, TMT)

    Share

    New Posts Recently publish post More

    • 17 November 2018
      2 hours ago No comment

      NorthPhil poised to shine at tourism expo in Clark

      The entire North Philippines – from Central Luzon to the Cordillera Administration Region – is poised to draw global interest as it top bills a grand and colorful tourism extravaganza on Nov. 16-18 in SM City Clark where the bests of the bests in the region go center stage ...

    • 17 November 2018
      4 hours ago No comment

      Palay production seen going down in 2018

      The Philippines’ palay production is seen to go down within the last three months of the year amid the onslaught of typhoons in some of the country’s major rice producing areas. Based on the outlook released by Philippine Statistics Authority (PSA) on Tuesday, the probable rice production for October ...

    • 16 November 2018
      22 hours ago No comment

      Businesses and communities across Canada to benefit from increased immigration

      Ottawa, ON—The Honourable Ahmed Hussen, Minister of Immigration, Refugees and Citizenship, announced the new multi-year immigration levels plan for 2019-2021. This new immigration plan will benefit all Canadians because immigrants contribute to Canada’s economic growth and help keep Canada competitive in a global economy. The new plan builds on ...

    • 16 November 2018
      24 hours ago No comment

      Surrey Crime Prevention Society joins Ridesharing Now for BC

      The Ridesharing Now for BC coalition is pleased to announce that the Surrey Crime Prevention Society is joining the effort to bring ridesharing to BC as soon as possible. “The Ridesharing Now Coalition continues to grow because all across the province, British Columbians are demanding the same transportation options ...

    • 16 November 2018
      1 day ago No comment

      ICBC Announcement Increases Access to Physiotherapy in BC

      The provincial government and ICBC have announced new regulations for the treatment of people injured in motor vehicle accidents. These changes create a care-based car insurance system in B.C. that will provide increased care. New regulations, coming into effect April 1 2019, will increase ICBC accident benefits for anyone ...

    %d bloggers like this: