Stronger exports and better government spending were the top contributors to the 6.9-percent growth of the Philippine economy in the third quarter, according to Socioeconomic Planning Secretary Ernesto Pernia. The third-quarter gross domestic product (GDP) growth rate is up from the 6.7 percent recorded in the second quarter, which the government had originally pegged at 6.5 percent.1

The Philippine economy has “anchors of stability” that will keep it afloat despite emerging risks, Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said yesterday. But as a whole, Espenilla said, the Philippines was able to sustain robust macroeconomic fundamentals, such that prospects remained bright and growth would be strong on expectations that both government and private sector investments would rise. 2

The Philippines is emerging as one of this decade’s economic stars with the World Bank predicting growth of more than 6 percent until 2019, underpinned by an ambitious infrastructure building program and a young and growing population. Finance Secretary Carlos Dominguez on Thursday said he expects faster growth in the succeeding quarters, while the central bank Governor Nestor Espenilla said there are no signs of overheating in the economy. 3

 

1 http://cnnphilippines.com/business/2017/11/16/gdp-third-quarter.html
2 http://business.inquirer.net/241160/despite-challenges-bsp-sees-economy-sustaining-growth
3 https://www.bloomberg.com/news/articles/2017-11-16/philippine-gdp-growth-exceeds-6-for-a-ninth-consecutive-quarter

The Philippine government gears up for the upcoming 31st ASEAN Summit. The ASEAN is composed of 10 member nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam). It was formed to promote a community focused on economic, political-security & socio cultural relations among its member nations together with its allies. [1]

The 31st summit will be attended by 19 world leaders and thousands of delegates from the 10 Southeast Asian nations and 10 other dialogue partners including the US President Donald Trump. [2]

Malacanang Palace previously declared Nov. 13 – 15, 2017 as special Non-working Holidays (link to JMC article). This is hoped to decongest Metro Manila Traffic for the duration of the Summit.

[1] https://www.cfr.org/backgrounder/asean-association-southeast-asian-nations
[2] https://uk.reuters.com/article/uk-asean-philippines-security/philippines-frees-four-east-timorese-to-attend-asean-meeting-idUKKBN1D50JY