Good News!!! The Philippine economy grew to at least 7.1%, which is better than the expected economic growth. This means that the Philippine economy is now starting to heat up during President Duterte's administration. This is far higher than the same period last year when it only grew just 6%. that was below the expectations under the Aquino administration. In the second quarter of 2016, The GDP (Gross Domestic Product) rose to 7%, which is considered a positive sign for the new administration to continue its consistent growth that is according to the National Economic Development Authority (NEDA) and Philippine Statistics Authority (PSA).
Have the group of the chamber of commerce delighted with the result of the latest GDP result for the third quarter, businessmen are optimistic that the growth will be sustained for the rest of the year. President Rodrigo Duterte hopes that the continuum of the Philippine economic performance should last longer until the time that his successor will take over as the new head of state. Both local and international businessmen and investors are very happy with the recent results of the Philippine GDP growth. This is because it could attract more investments from foreign companies from around the globe.
|President Rodrigo Duterte's administration made Philippine Economy to grew 7.1% in 3rd quarter of 2016|
President Rodrigo Duterte previously indicated that his current economic team will continue to adapt the existing strategy and applications that was successfully implemented by President Benigno Aquino. However, there are several improvements or ammendments that will be applied, brought about by several economic indicators that are suitable for both micro and macroeconomic stability in the Philippines. Duterte administration wants to further intensify its competitive GDP campaign by boosting infrastructure spending to improve all transportation facilities across the country to sustain economic foundation.
However, critics are still not convinced by the latest announcement of the NEDA and PSA of the country's GDP rate for the third quarter of 2016. This is due to the concern of Duterte's campaign against the traffickers and users of prohibited narcotics across the country. The strategic governance of Rodrigo Duterte made western countries skeptical about his style of promoting discipline across the country. The right-wing opposition groups are weary that Rodrigo's style could drive away investors that should have been promoting a sustainable socio-economic lifestyle and degrading the livelihood of the Philippine society during his presidency.
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5 Interesting Facts why Duterte made the Philippine Economy grew 7.1% in 3rd Qtr of 2016
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2. War on illegal narcotics: One of the most common problem affecting small-medium enterprises is the rampant negative elements of the society. This is brought about by the proliferation of illegal narcotics trade that are causing offenders to become aggressive. Since Rodrigo Duterte took his oath of office, the number associated with the use of illegal narcotics significantly declined. Thus, it paves way for the small-medium enterprises as well as new investors to take the advantage of maximizing their business advantage to their local and international market places.
3. Neutralized bandits in Mindanao: The second largest island in the country is hampered by the onslaught of numerous Islamist militants. These groups are responsible for provoking harm across the country by means of kidnapping, extortion, and intimidating the general public. Neutralizing extremist groups could mean that it allows new businesses to sprout across Mindanao, which will pursue its promising industrialization progress to help fuel the economy of the Philippines together with other places in the country. If there will be no bandits, the Philippines can sustain a consistent competitive GDP growth.
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4. Adapted the best economic policies of the past administrations: President Rodrigo Duterte reiterated that Aquino's economic performance is considered as one of the best in the history of the Philippine politics. Aside from Aquino administration, Arroyo's administration was also one of the best performing despite from her past allegations of malicious governance during her administration. Together with the specialized economic strategies of Rodrigo Duterte's administration, he can transform the Philippine economy as far as becoming into a first class economy in the future.
5. Balance of international alliances: The Philippines is known to be a strong partner of western nations. But when Rodrigo Duterte rose into power, he managed to balance his alliance to unlikely foreign countries to diversify his influence and partnerships. This is when he pledged allicance with the second-world countries such as China and Russia. As a result, these two countries provided at least $25 billion worth of investments, fueling economic optimism to the Philippine economy. This would mean that the Philippines could outsource more foreign investments that can further soar the country's quarterly GDP.
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Do you agree?