Reuters: PH growth on Q1 due to gov’t spending, exports
We’ve recently reported that the PH Economy was up by 11% on foreign direct investments for the past two months, and the country has not lost its momentum as told by Reuters. This growth is 1.5 higher than it was the past three months.
The international news agency cited strong exports and government spending on infrastructure as the main drivers for the country’s growth. Farm output, imports of iron and steel, machinery and equipment has contributed to the Q1’s steady growth.
Gone are the days when the Philippines has been considered “a regional laggard”, as the economy has been growing -- slowly but surely -- since last 2016.
According to the World Bank, the country could experience a 6.9 percent growth this year, reaching the 6.5-7.5 percent target.