During the 3rd quarter of 2017, the Southeast Asian economy reports that the Philippines’ economic growth pulled ahead ever slightly at 6.9% compared to that of Asian superpower China’s 6.8%.
The last time that this happened was in the third quarter of 2016 when the Philippines also outranked China with 7% vs. 6.7%.
During the past decade, China’s economic skyrocketed to the top making it grow at breakneck rates. This pushed the country to be the world’s second-largest economy.
However, this was put to an end when President Xi Jinping was seated. China’s became bent on prioritizing the quality of development rather than that of the fast economic expansion.
On the opposite side of the scale, the Philippines who was once called “the Sick Man of Asia” seemed to have recovered and have been carrying out series of reforms that allowed it to gain momentum to grow at a rapid pace. It also allowed the Philippines to stand out while there was a global gloom in the economy.
For 9 consecutive quarters now, the Philippines’ gross domestic product (GDP) has been growing more than 6%.
Also in the past quarters, the top four countries that are vying for the spot of the “fastest growing economy in the world” are Philippines, Vietnam, China, and India.
Since the fourth quarter of 2016, Vietnam has been outpacing the Philippines as the best performing economy in the ASEAN regional bloc.
Moreover, among the 5 pioneers of the ASEAN which are Malaysia, Indonesia, Philippines, Thailand, and Singapore, the Philippines still holds the title for the best-performing country.
The Philippines 3rd quarter growth which is 6.9% is second to Vietnam’s 7.46. But is still faster that Indonesia’s 5.06% and Singapore’s 4.6%. Estimates for Malaysia is 5.1% and Thailand at 3.3%.
The Socioeconomic Planning Secretary Ernesto Pernia thinks that the Philippines’ 3rd quarter was boosted by the growth in exports, improvement in public spending, increase in salaries of government personnel, also high spending on personal services.
Pernia also added that at this pace, the country is still on track and more likely to reach its goal of 6.5% to 7.5% for 2017.