Data released by the Department of Finance shows that the Philippines’ GDP had a robust 6.68 percent growth rate for the first nine months of the Duterte administration, faster than the expansion rates in all other previous administrations.
In comparison, GDP growth for the first nine months of the presidency of Corazon Aquino was 4.69 percent, 2.10 percent under President Ramos, 0.17 percent under President Joseph Estrada, 3.0 percent under Gloria Macapagal-Arroyo, and 5.98 percent under Benigno Aquino III.
The growth in investments spurred by low and stable interest rates, the average inflation rate of 2.64 percent in the first 11 month of the Duterte presidency, and the decline in the debt-to-GDP ratio from 43 percent as of the end-June 2016 to 41.9 percent by the end-March 2017 are among the key factors showing that the government is on track to meet its economic targets.
Also in the first 9 months of the Duterte administration, T-Bill rates averaged 2 percent, despite the start of rate normalization undertaken by the US Federal Reserve. While the average inflation rate for the first 11 months stood at 2.64 percent, also the lowest registered in all previous administrations.