Despite the continuous criticisms on how President Rodrigo Duterte handles his country, he has proven once again that the Philippines could emerge as a strong contender in Asia’s economy race, even beating China—not just once, but twice.
The Philippines’ journey in overtaking China started when Duterte took office almost two years ago where it registered an economic growth of 7 percent in the third quarter of 2016, ahead of China’s 6.7 percent.
For the second time, the country wowed the region as it surpassed China’s 6.8 percent with its 6.9 percent economic expansion rate in the third quarter last year.
World Bank also believed with the Philippines’ capacity to hit 6.5 to 7.5 percent economy growth and to get its name as the world’s 10th fastest growing economy.
Data from Tradingeconomics.com showed the GDP (gross domestic product) Annual Growth Rate in the Philippines has an average 3.72 from 1982 until 2017, hitting a record-high of 12.40 percent in the last quarter of 1998 and a record low of -11.0 percent in the first months of 1985.
Amid its strong growth rate, the local economy has been also experiencing momentum. Its trade deficit narrowed to $1.91 billion in September 2017 versus the $2.02 billion in the same period in 2016.
Non-performing loans dipped to 1.8 percent on the back of the Philippines’ improved financial access.
The robust local economy under Duterte has been boosted by the sustained macroeconomic environment, tax reforms, market liberalization, higher infrastructure spending, and its economy revival in the global context.