Philippine Q3 GDP to grow 1.6 to 2.6%

The Philippine economy is forecast to grow by 1.6 percent to 2.6 percent in the third quarter on back of the steady inflow of remittances from overseas Filipino workers, a senior economic manager said Thursday.

Remittances have bolstered spending in July-September, Philippine Socioeconomic Planning Secretary Augusto B. Santos said in an interview with reporters. The Philippines has a consumption-driven economy.

The third quarter forecast is higher than the actual GDP growth rates posted in the first two quarters of the year.

Santos added that the services sector would have contributed to third quarter GDP growth.

The Philippine government will issue actual GDP growth rate next week.

Source: Xinhua