DTI chief welcomes high Q3 GDP growth

FILE: Department of Trade and Industry (DTI) Secretary Ramon Lopez (Photo by Albert Alcain/PPD/PNA)
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MANILA — Department of Trade and Industry (DTI) Secretary Ramon Lopez has welcomed the 6.9-percent gross domestic product (GDP) growth for the third quarter of this year, which exceeded market expectations.

Lopez told reporters Friday that the contribution of manufacturing sector to the expansion of the economy in Q3 2017 was backed by investment growth in manufacturing.

Manufacturing sector rose 9.6 percent in July to September 2017, which the DTI chief noted to be one of the highest growth rates for the sector for years.

“[This is the] reason why [manufacturing] PMI (purchasing managers’ index) of 53.7 in October also made Philippines highest among Asian countries.  PMI as leading indicator will lead to sustained manufacturing in next quarters,” added Lopez.

He said the growing investments in the sector were the “fruits” of reforms of the Duterte administration.

“Investment growth during President Duterte administration is bearing fruits. Also, the continued policy reforms, stable business environment, infrastructure build up, demographic sweet spot, and greater foreign market access continue to attract more investments,” he added.

Lopez said this economic expansion should translate to more jobs and more opportunities for Filipinos. (PNA)