MANILA, Philippines — The Philippine economy grew at a faster than expected 6.9 per cent annual pace in the July-September quarter, helped by increased public spending on pay hikes for government personnel, officials said Thursday. Economic Planning Secretary Ernesto Pernia described the growth reported as a “spectacular growth rate after an election year.” It surpassed a market consensus forecast of 6.6 per cent and was an improvement on 6.7 per cent growth in April-June. “This is expected to ratchet up public spending even further.”Household consumption is also seen picking up in the last quarter due to the Christmas season, he added. Pernia said the economy is on track to meet the government’s full-year growth target range of 6.5-7.5 per cent. The Philippines has posted more than 6 per cent growth for nine consecutive quarters, making it among the fastest growing economies in the region.

Source: National Post November 16, 2017 04:26 UTC