Though Forbes tried to whirl the positive news, it is indeed irrefutable that President Rody Duterte was able to succeed economically as Forbes reported that the Philippines is now considered as the 10th Fastest Growing Economy in the World in 2017.
The Forbes report cited the World Bank’s latest edition of Global Economic Prospects. The Philippines under President Duterte is indeed growing, for the year 2017, the Philippines’ economy is expected to advance between 6.5 to 7.5 percent, which is considered almost twice the country’s long-term growth.
Based on previous records, the Gross Domestic Product (GDP) Annual Growth Rate in the Philippines averaged 3.68 percent from 1982 until 2017, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10 percent in the rst quarter of 1985, according to Tradingeconomics.com.
Under the administration of President Duterte, the Philippine economy has benefited from a stable macroeconomic environment of low inflation and low debt to GDP ratio, which has helped sustain a healthy domestic demand growth; and from a revival of the Asian Pacific region that have boosted exports, which account for close to a third of USD 4.81 billion in April 2017.
Although Forbes reported a positive report regarding the Philippine economy under the Duterte administration, most supporters of Pres. Rody Duterte found out some biases on the report posted by the company because of taking accounts some of the negative news about the Philippines which was already proven wrong by some local media and the online communities supporting the President.
Forbes tried to put a negative spin on the positive reports of the Philippine economy by stating that “President Duterte’s harsh domestic policies and foreign policy flip-flops haven’t undermined Philippines economic growth, at least not yet.” The international news agency also cited the biased reporting of Transparency International and Global Competitiveness reports, raising serious doubts as to whether the current robust economic growth rates will be sustained in the future.