Philippine GDP Rate Highest in Southeast Asia

[MikeLigalig.com]

By Leslie D. Venzon

Philippine gross domestic product (GDP) hit a two-year high of 7.1 percent in the third quarter of 2012, the fastest economic growth within the Association of Southeast Asian Nations (ASEAN).

Indonesia came in second with 6.2 percent, followed by Malaysia (5.2%), Viet Nam (4.7%), Thailand (3%) and Singapore (0.3%). China, however, posted a 7.7-percent GDP growth during the period.

“We are well on our way to surpassing our growth target of 5 to 6 percent this year,” Socioeconomic Planning Secretary Arsenio Balisacan said in a press briefing Wednesday. He expressed optimism the country would post a much higher growth of 6 to 7 percent.

Third-quarter economic figure brought the average GDP for the first three quarters of the year to 6.5 percent from measly 3.9 percent last year.

Balisacan believes that the country’s strong macroeconomic fundamentals can contribute to the resiliency of the Philippines to global economic uncertainty.

“These do not prevent us from moving forward,” he said, referring to the problems in the Euro area and the looming fiscal cliff in the United States.

Balisacan noted that the economic expansion continued to be broad-based, as almost all sectors posted higher year-on-year growth rates.

He said services that grew 7 percent accounted for the lion’s share of the GDP in the third quarter at 58 percent. This was mainly led by trade and real estate.

Balisacan, also the National Economic and Development Authority (NEDA) director general, attributed the industry sector’s 8.1-percent expansion to robust growth of the manufacturing sector.

“We hope that the industry sector would expand much faster. In particular, we hope to see a faster growing manufacturing sector,” he said. “We are counting on a growing manufacturing sector to provide the higher quality jobs that are also more stable and remunerative.”

The agriculture sector, on the other hand, performed better during the third quarter than in the previous quarters, growing by 4.1 percent from 2.2 percent last year.

The rebound of the net primary income from abroad by 4.9 percent pushed the gross national income (GNI) to 6.6 percent in the third quarter from last year’s 2.2 percent.

With this robust economic growth, Balisacan believes that government’s efforts at good governance are beginning to bear fruit.

“But we know that our task is far from over. We continue to reform our systems in procurement and budgeting to promote transparency and accountability,” he said.

[bisdakangdako]

bisag unsaon pa nila ug ingon nga taas ang GDP rate nato diri pinas, dili gihapon ikalimod nga daghan gihapon sa atoa nga nanimuyo sa kapobrehon. Ang pobre nisamot ug ka pobre, and dato nisamot ug ka dato.

[Lorenzo]

bisag unsaon pa nila ug ingon nga taas ang GDP rate nato diri pinas, dili gihapon ikalimod nga daghan gihapon sa atoa nga nanimuyo sa kapobrehon. Ang pobre nisamot ug ka pobre, and dato nisamot ug ka dato.

Friend,

How can the Philippines remedy this situation?

[insurectus]

Bill Gates said, “If you’re born poor, it’s not your mistake. But if you die poor, it’s your mistake.”

[Lorenzo]

Bill Gates said, “If you’re born poor, it’s not your mistake. But if you die poor, it’s your mistake.”

That may be so, but can we bring our riches to the grave?

[hubag bohol]

Ang kwarta ipalit og gold coffin studded with precious stones...

[insurectus]

That may be so, but can we bring our riches to the grave?

ayaw lang dad-a kay for sure naay mo kobkob ana

[Lorenzo]

Ang kwarta ipalit og gold coffin studded with precious stones...

haha! sayang ra ang coffin.

[Lorenzo]

ayaw lang dad-a kay for sure naay mo kobkob ana

Mao lageh. No point in being too rich kai dili mo uban ang kwarta sa yutah. di mo kaon ang amigas og worms sa gold, diamonds. mo kaon ra sila sa lawas sa tawo.

[hubag bohol]

Philstar â€" Sun, Dec 2, 2012


MANILA, Philippines - The government is prepared to sustain the country’s economic growth which reached a record 7.1 percent in the third quarter, President Aquino told a gathering of his party-mates in Cebu City Friday night.

He said various infrastructure projects are expected to fuel further growth in the months or years ahead even as consumer spending and remittances from overseas Filipino workers are expected to significantly contribute to the growth momentum.

“Now, with the recent strength of our economy, we’re hoping to not only to maintain that but to continue it,” Aquino told Liberal Party members in Mandaue City in Cebu before joining thousands of Catholics in a thanksgiving Mass for the canonization of St. Pedro Calungsod in Cebu City.

He cautioned, however, that there are challenges ahead, including a shaky world economy. “The challenges before us will not be met if there is no unity of purpose,” he added.

[hubag bohol]

Philstar â€" Sat, Nov 17, 2012


MANILA, Philippines - The Philippines faces bright economic prospects despite the global slowdown, visiting International Monetary Fund (IMF) Managing Director Christine Lagarde said yesterday.

“You will be interested to know that this year, 2012, at a very difficult time because of the financial crisis in other parts of the world, the Philippines is probably the only country of which we have increased the growth forecast as opposed to other places in the world where we decreased our forecast,” Lagarde said in a press briefing. The Philippines was the last leg of the IMF chief’s Asian tour.

[hubag bohol]

By Michael Lim Ubac in Manila/Philippine Daily Inquirer | Asia News Network â€" Sun, Nov 11, 2012


Manila (Philippine Daily Inquirer/ANN) - Visiting Canadian Prime Minister Stephen Harper sees the Philippines as "an emerging Asian tiger," agreeing with the bullish outlook on the country of political and business leaders from many other parts of the world.

To demonstrate Canada's confidence in the Philippine economy, Harper pledged to increase Canadian investment in the country during his meeting with President Benigno Aquino in Malacanang yesterday.

Bilateral trade between Canada and the Philippines amounts to US$1.5 billion.

Aquino and Harper agreed to cooperate on defence and trade, and committed to people-to-people exchanges between the Philippines and Canada.

At a joint news conference, Aquino and Harper announced that the Philippine Department of National Defence and the state-run Canadian Commercial Corp. had signed a deal to help Manila buy military equipment to defend its territory.