MANILA – The Financial Executives Institute of the Philippines (FINEX) has dubbed as “a feat” the economy’s third-quarter performance.
“It was truly a feat considering the reimposition of ECQ (enhanced community quarantine) and the typhoons in several parts of the country,” FINEX president Francis Lim said in a statement Tuesday.
The economy expanded by 7.1 percent, as measured by gross domestic product (GDP), from July to September –the second consecutive three-month period of expansion after posting negative prints since the first quarter of 2020.
This is higher than 2020’s -11.6 percent print but lower than the upwardly revised 12 percent in the previous quarter.
However, GDP surpassed expectations despite the implementation of the strictest movement restriction, the ECQ, from August 6 to 20 and the modified ECQ until Sept. 7.
This was boosted by the expansion in almost all sectors like the wholesale and retail trade, repair of motor vehicles and motorcycles; manufacturing; construction; industry; services; and manufacturing.
To date, GDP averaged at 4.9 percent, near the upper-end of the government’s 4 percent to 5 percent growth assumption for the year.
Lim said the rise in household spending, which grew 7.1 percent, “points to increasing consumer confidence, critical in an economy which is over 70 percent driven by domestic consumption, and bodes well for recovery.”
He thus called on the public to continue heeding the health protocols “as we go out to enjoy our newfound freedom of mobility.”
Metro Manila’s quarantine level has been eased to Alert Level 2 starting November 5.
Under the current level, establishments are now allowed to have up to 70 percent capacity and minors can now go out but accompanied by their parents.
“We look forward to a much better GDP performance in the fourth quarter with the easing of quarantine restrictions and the increased consumer spending this Christmas season,” Lim added. (PNA)