MANILA, Philippines—The Philippines beat expectations in the third quarter with 7.1 percent growth in terms of gross domestic product (GDP), ahead of other economies within Association of Southeast Asian Nations. The country’s top economist said this would translate to more jobs and better incomes for Filipinos.
The third-quarter performance of the Philippines was way above the market’s media forecast of 5.4 percent, Socioeconomic Planning Secretary Arsenio Balisacan said. Indonesia was the second-best performer in the Asean with 6.2 percent growth, followed by Malaysia (5.2 percent), Vietnam (4.7 percent), Thailand (3 percent), and Singapore (0.3 percent). On the other hand, China registered a 7.7-percent GDP growth in the same period.