Joey Cuyegkeng, senior economist at ING Bank Manila, said government spending likely grew 15 to 16 percent year-on-year in September while revenue collections rose 19 percent.  File

ING: Q3 growth likely above 6%
Lawrence Agcaoili (The Philippine Star) - October 17, 2017 - 4:00pm

MANILA, Philippines — Dutch financial giant ING Bank said the economy likely expanded by more than six percent in the third quarter on the back of higher government spending.

Joey Cuyegkeng, senior economist at ING Bank Manila, said government spending likely grew 15 to 16 percent year-on-year in September while revenue collections rose 19 percent.

“The needed boost in government spending would support a gross domestic product growth of more than six percent in the third quarter,” Cuyegkeng said.

The tax take of the Bureau of Internal Revenue (BIR) jumped 21.5 percent last month due to tax settlement collection amounting to P12 billion while that of the Bureau of Customs (BOC) increased 18.7 percent.

Economic managers expect a growth of between 6.5 and 7.5 percent for the Philippine economy this year from 6.9 percent last year.

The GDP expanded 6.5 percent in the second quarter after growing 6.4 percent in the first quarter, bringing the average growth to 6.4 percent in the first semester.

ING sees the country’s GDP growing 6.6 percent this year and 6.7 percent next year.

Likewise, the investment bank said inflation is likely to accelerate to 3.2 percent this year and 3.5 percent next year from 1.8 percent last year.

The BSP has set an inflation target of two to four percent between 2017 and 2020. The consumer price index kicked up to a five-month high of 3.4 percent in September and brought the year-to-date average to 3.1 percent.

“In our view, these signs include not just inflation reports for October and/or November but also commodity prices in combination with a weaker peso and monetary indicators such as liquidity and loan growth,” Cuyegkeng said.

Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.