MANILA (Reuters) - The Philippine economy is not yet at risk of overheating, the central bank governor said on Thursday, after data showed gross domestic product grew by a faster-than-expected 6.9 percent in the third quarter, outpacing China.
“Not there yet,” central bank governor Nestor Espenilla told reporters in a text message, when asked if there’s a risk of the Philippine economy overheating.
“That begins to be a concern if we’re persistently growing above potential. To keep growing strongly without overheating, we expand potential itself - through high quality investments funded in a sustainable manner,” he said.
Espenilla also said the strong economic growth in the past quarter along with “manageable inflation are in line with our expectations and validate current policy settings.”
Reporting by Manolo Serapio Jr. and Enrico dela Cruz; Editing by Sam Holmes