Phl GDP hits 6.9% in Q1 2016, fastest among major Asian economies

SOURCE: Philippines Star

The Philippine economy grew by 6.9 percent in the first quarter of the year. Pictured is the business district in Makati City. CC

The Philippine economy grew by 6.9 percent in the first quarter of the year. Pictured is the business district in Makati City. CC

MANILA, Philippines (UPDATE 3) — MANILA, Philippines — The domestic economy expanded by 6.9 percent during the first quarter of the year, the penultimate quarter under the Aquino administration, the Philippine Statistics Authority announced Thursday.

Socioeconomic Planning Secretary Emmanuel Esguerra said the Philippines is the fastest-growing economy among 11 selected Asian economies in the first quarter of the year, outpacing expansions in China (6.7 percent), Vietnam (5.5 percent), Indonesia (4.9) and Malaysia 4.2 percent).

“We are pleased to be turning over a strong and stable economy onto the next administration. We have achieved significant socioeconomic progress over the last five years with the return of political and economic stability, which we hope the incoming administration will build on,” Esguerra said, referring to the incoming government of presumptive president Rodrigo Duterte.

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