PH’s Q3 ‘17 growth at 6.6%, says economist

In a research note, ING Bank Manila senior economist Joey Cuyegkeng attributed his positive projection for July to September to robust consumption. (Pixabay photo)

MANILA— An economist of ING Bank Manila has forecast a 6.6-percent growth in the country’s Gross Domestic Product (GDP) in the third quarter of 2017.

In a research note, ING Bank Manila senior economist Joey Cuyegkeng attributed his positive projection for July to September to robust consumption.

“Supported by remittances, we expect tomorrow’s 3Q GDP report to reveal private consumption remaining the main driver of GDP growth,” he said, forecasting real household spending to rise nearly 6 percent.

Growth expanded by 6.5 percent in the second quarter of this year, higher than the 6.4 percent in the previous quarter but lower than the 7.1 percent in the same period in 2016.

It brought the first half output to 6.4 percent, slightly below the lower end of the government’s 6.5 percent to 7.5 percent growth target for the year.

Growth last year was boosted by election spending, Cuyegkeng said, adding that he expects this to return in 2018 ahead of the May 2019 mid-term polls.

The government is scheduled to report the third-quarter domestic output Thursday.
National Economic and Development Authority (NEDA) chief Ernesto Pernia said he is optimistic about the sustained expansion of the domestic economy, citing that for the third quarter alone, there was no major weather disturbance that would hurt growth.

He forecast full-year output at about 7 percent.