Darvette Sagad | Dec. 13, 2017
As one of the fastest growing economies in Asia and the world, the Philippines stands at an opportune period for further development and prosperity.
One of the many ways to measure a country’s development is through GDP growth, or Gross Domestic Product, which represents the market value of all goods and services an economy produces in a given time period. For the third quarter of 2017, the Philippines’ economy has grown 6.9%, second only to Vietnam’s 7.5% and once again overtaking China’s 6.8%.
As our nation reaps the benefits of this golden age of Philippine economic development, Aboitiz remains one of the business groups supporting our nation’s economic targets.
Two sides of the Philippines’ Q3 GDP Growth
“Every time our team members eat out to celebrate, or buy locally produced goods as gifts for loved ones, they help create the demand that stimulates our economic growth. But it can also be a feel-good moment for team members to realize that every day that they work in Aboitiz helps create the supply to meet this growing demand.”
-Manuel Lozano, CFO, Aboitiz Equity Ventures
The Other Side of the Spectrum: Growth in the Demand Side
- Under consumption, Filipinos spent more on Education (12%), Household Furnishing and Maintenance (10.7%), and Restaurant and Hotels (10%).
- Investment was driven by the demand for Durable Equipment used for infrastructure construction and business expansion.
- Higher spending on personal services (e.g. salary increases and new hires), which is in line with the government’s commitment to improve public services.
- Control instrumentation was the fastest growing exported product by the country. It grew by 150.6% compared to last year.
- Automotive Electronics was the fastest growing imported product by the country. It grew by 50.6%.
Our leadership position in key Philippine industries, our clear expansion targets, and strong foundation for sustained growth provide us a platform to fulfill our promise of advancing business and communities. Backed by more than 100 years of business experience, and with the collective strength of our team members, the Aboitiz Group continues to help drive Philippine growth.