MANILA: The Philippines’s macro economy has been steadily growing, according to data gathered by Pinnacle till the third quarter of 2016.
Compared to last year, there has been an increase in the country’s economy, gross domestic product (GDP), average Philippine peso to US Dollar exchange, net foreign direct investment (FDI), overseas Filipino remittances, and revenue from visitor arrivals, reported Manila Bulletin.
The Philippines’s economy reportedly grew by 6.9 percent for the first half of the year while the country’s GDP grew by 7.0 percent — an expected upward tick from the annualized GDP growth of 5.8 percent in 2015. Latest figures from the Bangko Sentral ng Pilipinas show that the average Philippine Peso to US Dollar exchange from January to August 2016 is at P46.8952, a 1.387 increase from last year, the report said.
BSP Statistics also reportedly show that from US$12.782 billion last year, OFW’s total remittances grew to US$13.192 billion. Bank interest rates and foreign exchange are still very stable.
For the first half of the year, tourist arrivals – which grew to 13.7 percent — generated total revenue of P127.37 billion, which is 14.7 percent increase for the same period last year, said the news portal.
With the government’s efforts in continuing infrastructure developments and promoting public-private partnership projects, the country’s estate market has been generally doing well, reported Pinnacle.
Among Duterte administration’s efforts in infrastructure developments include Department of Public Works and Highways’ (DPWH) plan to build an elevated toll connector road project that would connect the North Luzon Expressway (NLEX) with the South Luzon Expressway (SLEX); and Department of Transportation’s (DOTr) proposal to build a P374-billion rail network system in Metro Manila, including the first subway system that will connect BGC, Makati and SM MOA as a long-term solution to solve the worsening traffic congestion, the Manila Bulletin report pointed out.
According to Pinnacle, such infrastructure projects would have very positive impacts to the economy and the real estate market.
