(Bloomberg) -- The Philippine economy grew more than 6 percent last quarter on rising private consumption and government spending.
President Rodrigo Duterte is boosting spending to a record to sustain one of the world’s fastest-growing economies. Projects include bridges and a subway to help ease traffic in the capital, another international airport north of Manila and railways to the provinces.
The booming economy has fueled concern of overheating and with inflation at a five-year high, the era of record-low interest rates may be approaching its end. The central bank is forecast by a majority of economists surveyed to tighten monetary policy on Thursday.
Click to read how the Philippines is next in line to raise rates
The peso has fallen more than 3 percent against the dollar this year, among the worst performers in Asia. The benchmark stock index is down more than 10 percent.