Robust outsourcing helps keep Philippine economic growth on top

The Philippine economy posted year-on-year growth of 6.9% in Q3 of this year, with the growth underpinned in large part by consumer spending, which in turn is fuelled by the outsourcing industry and remittances from overseas. The Q3 economic growth made the Philippines the second-fastest-growing economy in Asia, trailing only Vietnam, which grew 7.1% during the quarter. The Philippines was ahead of China, which grew 6.8%, and Indonesia, which expanded by 6.5%. The latest growth figure was better than expected. Economic Planning Secretary Ernesto Pernia said the country is on track to meeting the full-year target range of 6.5% to 7.5%.