PHL cements standing as among Asia’s fastest-growing economies: economic team

“Philippine economic growth remained stable as it grew 6.1 percent in the fourth quarter of 2018 from the revised 6.0 percent recorded in the third quarter. This steady performance—the seventh consecutive year that the Philippine economy sustained its growth of more than 6.0 percent—brings our 2018 full-year growth to 6.2 percent,” the government’s economic team said in a statement.

They said that the latest economic growth is a firm finish that cements the Philippines’ standing as one of the fastest-growing economies in Asia.

“We are next to India, Vietnam, and China. From Q1 to Q3 of 2018, we overtook Indonesia and Thailand in terms of economic performance,” they added.

“As we are now in a higher growth trajectory, with our economy growing at an average of 6.5 percent in the first 10 quarters of the administration, we want to focus more on sustaining this momentum,” the economic team said.

They said that the Philippine economy has been strong and steady. For 2019, we call for a cohesive reform agenda for the country.

“As we near the release of the Socioeconomic Report 2018 and mid-term updating of the Philippine Development Plan 2017-2022, we hope that the whole of government will be on the same page in addressing the challenges of the different sectors,” they said.

The economic team hopes that more than just pockets of success in fulfilling their respective mandates, agencies will see the bigger picture — that of having every project and every program lead to a matatag, maginhawa at panatag na buhay para sa lahat.