The Philippine economy grew by 5.9 percent in the third quarter of the year, bringing the year-to-date economic growth to 5.5 percent.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said this makes the Philippines among the best-performing economies in Asia.
“In the face of many domestic and international challenges, we have effectively implemented the appropriate strategies to sustain the economy’s forward momentum,” he said.
Balisacan said real gross domestic product (GDP) per capita already recovered and exceeded its pre-pandemic level.
He noted that most sectors have already reached higher levels than their pre-pandemic performance.
“While some sectors such as mining and quarrying, construction, transportation and storage, accommodation and food service, real estate, and other services have not yet fully recovered as of the end of the third quarter, this also implies that we can still look to these sectors as continued growth drivers of our economy, especially as we continue boosting efforts to promote tourism and ramp up the construction of major projects,” Balisacan said.PNA
