The Philippine economy is the fastest growing in Asia, at 7.1% on-year July -September—its most robust rate of growth in three years.
The figure, announced by the Philippine Statistics Authority , surpassed the 6.7% median growth estimate of 15 economists surveyed by Bloomberg and matched an estimated 1.2%GDP rise against the previous quarter.
It also stacked favorably against China’s third quarter growth rate, at 6.7%, and Vietnam’s, at 6.4%. Last quarter, India posted a 7.1% growth rate but it has yet to report its third quarter figures. Bloomberg projects that the Philippine economy, undeterred by the risk of a protectionism under Donald Trump and President Rodrigo Duterte’s anti-U.S. tirades, is set to expand more than 6% until 2018.
The Philippines is a Southeast Asian country in the Western Pacific, comprising more than 7,000 islands. Its capital, Manila, is famous for its waterfront promenade and centuries-old Chinatown, Binondo. Intramuros, a walled city in colonial times, is the heart of Old Manila. It’s home to the baroque 17th-century San Agustin Church as well as Fort Santiago, a storied citadel and military prison.