MANILA, Philippines – On Tuesday, January 23, the government reported that the Gross Domestic Product (GDP) expanded up to 6.6% in the fourth quarter of 2017, bringing a full year average growth of 6.7 percent. Although the economic growth was slower than 2016 due to post-election years, nevertheless the government reached its 6.5% - 7.5% target.

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Socioeconomic Planning Secretary Ernesto Pernia stated that the very moderate decline is a good and stable performance considering that it is normal for post-election years. He also added that 2017’s economic growth keeps the position of the Philippines as one of the fastest-growing economies in Asia.

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Trade, real estate and business activities contributed a lot to the economic growth in the fourth quarter, including services and agriculture. According to Pernia, public construction expenses during October to December boost the ‘Build, Build’ program. The ‘Build, Build’ program, the newly implemented Tax Reform for Acceleration and Inclusion Law, and the rice import quota will sustain robust economic growth.