Philippines says to achieve 6.7 pct growth target this year

ABS-CBN News

Posted at Dec 28 2016 10:45 AM

MANILA - The Philippine economy is expected to achieve its 6.7 percent growth target for the year following strong growth in the first three quarters, presidential spokesperson Ernesto Abella said.

Abella claimed the Duterte administration has shown significant achievements in infrastructure and international partnerships, among others.

"Household consumption, as well as investments in construction, public infrastructure, as well durable equip drove the economic growth," he said.

The Philippines will be the fastest growing economy in Asia this year with a healthy labor market, he added.

The country's chairmanship of the ASEAN summit in 2017 will also be a good opportunity for more foreign partnerships, he added.

Gross domestic product in the July to September period grew 7.1 percent, beating forecasts on the back of growing investments and a rebound in agriculture.