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Challenges and Opportunities for
Moody’s explained that the Philippines’ domestic growth may grow to 6.9% in the third quarter. The growth is slower than the second quarter's 7%. This is due to the Department of Environmental and Natural Resources’ (DENR) crackdown of nickel shipments. Temporary closures of mines also continue to affect the country's GDP.
Meanwhile, domestic products, private consumptions, and government spending still serve as the main economic drivers. Socioeconomic Planning Secretary Ernesto Pernia mentioned that there is still a chance for the third quarter’s GDP to grow from 6.3% to 7.3%.
The National Economic and Development (NEDA) will release the third quarter GDP statistics on November 17. Q3 also serves as the first full quarter under the Duterte administration.