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hubag bohol

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PH economy grows 7.8%
« on: May 31, 2013, 06:27:58 AM »
PH economy grows 7.8%
First Quarter Growth Makes PH Fastest Growing Economy In East, Southeast Asia
By Chino S. Leyco
Published: May 31, 2013

Manila, Philippines --- The Philippine economy grew by 7.8 percent in the first quarter of the year, defying the expectations of economists who forecast 5.1 to 6.4 percent growth and making the country the fastest growing economy among the major East and Southeast Asian Nations.

Year-on-year, the country’s economy in the first three months grew from 6.5 percent, said Socioeconomic Planning Secretary Arsenio M. Balisacan.

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hubag bohol

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Re: PH economy grows 7.8%
« Reply #1 on: May 31, 2013, 06:28:37 AM »
The economy, measured by its gross domestic product (GDP), expanded at the fastest pace in almost three years in the first-quarter of 2013.

Data from the National Statistical Coordination Board (NSCB) showed that the development on the production side contributed positively to the country’s growth in the first-quarter. Services expanded by 7 percent, industry by 10.9 percent, and the agriculture sector by 3.3 percent.

“Impressive performance of these sectors proves that the country is already reaping the benefits of strengthening priority sectors that are potential growth drivers and employment generators,” Balisacan said.

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hubag bohol

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Re: PH economy grows 7.8%
« Reply #2 on: May 31, 2013, 06:29:04 AM »
Heightened domestic demand led to the local manufacturing sector growing by 9.7 percent. Also stirring the economy is the construction sector that grew 32.5 percent in the first quarter, indicating a good positioning toward an industry-led economy.

Retail trade remained strong as the spending capacity of Filipinos continued to grow due to the improving employment situation, higher overseas Filipinos workers (OFW) remittances, and stable inflation.

The agriculture sector growth is also catching up with a 3.3 percent growth rate as the fisheries subsector bounced back from a series of contractions to a growth of 5.5 percent during the quarter.

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hubag bohol

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Re: PH economy grows 7.8%
« Reply #3 on: May 31, 2013, 06:29:38 AM »
On the demand side, capital formation has primarily driven overall growth with its 47.7 percent expansion, surpassing the contribution of household consumption which grew by 5.1 percent.

Government consumption also grew by 13.2 percent due to state support for social programs such as the Pantawid Pamilyang Pilipino Program (4Ps), agriculture development programs, and the rationalized MOOE for public elementary and high school under the Department of Education.

“For the first time, expenditure in capital formation, including other private sector investments such as on durable equipment, contributed more to growth than household consumption expenditure,” said Balisacan.

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hubag bohol

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Re: PH economy grows 7.8%
« Reply #4 on: May 31, 2013, 06:30:54 AM »
Net exports, however, contracted primarily due to a decrease in external demand for electronic components.

“This growth figure is significant since it puts to rest the doubts cast on the 2012 figure as being due to base effects only. It also indicates to us that we may now be moving along a new growth trajectory. And by the way, GDP in 2012 actually grew by 6.8 percent,” Balisacan said in a briefing.

From January to March this year, the Philippines exceeded the economic expansions of Indonesia (6 percent), Thailand (5.3 percent), Vietnam (4.9 percent), even higher than that of the People’s Republic of China (7.7 percent).

“This growth rate of 7.8 percent exceeded market forecasts, including my own. But please note that I was the most optimistic of all,” he added.

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Re: PH economy grows 7.8%
« Reply #5 on: May 31, 2013, 06:31:25 AM »
Balisacan explained the robust growth in the first three-months was fuelled by business confidence and consumer optimism, which boosted consumption, investment as well as government spending.

The end-March GDP growth was the country’s highest expansion since the second-quarter in 2010 at 8.9 percent.

“The first-quarter growth is the highest so far under the Aquino administration and also the third consecutive quarter of more than 7 percent GDP growth,” Jose Ramon A. Alber, NSCB secretary general, said.

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hubag bohol

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Re: PH economy grows 7.8%
« Reply #6 on: May 31, 2013, 06:32:09 AM »
Challenges Ahead

Balisacan assured the government is committed to maintaining macroeconomic stability through low and stable inflation, and sustainable levels of the fiscal deficit and the external performance indicators.

“While we recognize our robust performance in the first quarter, we will continue to be vigilant against downside risks and address critical constraints to maintaining this growth momentum,” said Balisacan.

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Re: PH economy grows 7.8%
« Reply #7 on: May 31, 2013, 06:32:37 AM »
He stressed the importance of creating conditions for sustained growth in other sectors or areas with high growth potential and link-up the poor sector of society to these growth centers.

“The faster this can be done, the better it will be for the greater number of our people,” said Balisacan.

The government will put emphasis on innovation, technology and research and development as well as facilitate the improvement in labor productivity.

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Re: PH economy grows 7.8%
« Reply #8 on: May 31, 2013, 06:33:01 AM »
“What all these demands is a greater sense of urgency among us in government as well as better coordination between and among the various agencies charged with implementing programs and projects in order to maximize efficiency and effectiveness,” Balisacan explained.

The investment grade rating Fitch Rating and Standard and Poor’s accorded the country is an opportunity for the business sector to expand their interests and generate more employment, he said.

“We remain positive in our outlook and we will translate this into positive action to achieve inclusive growth. We hope that the private sector will maintain a positive outlook as well, and translate this into greater participation in the growth process,” he concluded. -- http://www.mb.com.ph/

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Lorenzo

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Re: PH economy grows 7.8%
« Reply #9 on: May 31, 2013, 06:40:24 AM »
PH economy grows 7.8%
First Quarter Growth Makes PH Fastest Growing Economy In East, Southeast Asia
By Chino S. Leyco
Published: May 31, 2013

Manila, Philippines --- The Philippine economy grew by 7.8 percent in the first quarter of the year, defying the expectations of economists who forecast 5.1 to 6.4 percent growth and making the country the fastest growing economy among the major East and Southeast Asian Nations.

Year-on-year, the country’s economy in the first three months grew from 6.5 percent, said Socioeconomic Planning Secretary Arsenio M. Balisacan.


It is time for the Motherland to shine...as it did back in the 1960s when the Philippines was the 2nd largest economy in Asia.

Keep it up, Pilipinas! 8)

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Lorenzo

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Re: PH economy grows 7.8%
« Reply #10 on: May 31, 2013, 06:41:09 AM »
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Lorenzo

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Re: PH economy grows 7.8%
« Reply #11 on: May 31, 2013, 06:41:33 AM »
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taga tigbao

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Re: PH economy grows 7.8%
« Reply #12 on: May 31, 2013, 01:55:19 PM »
Hehehehe. Ironic!

Kay gahapon pud nahitabo ang lowest dip sa stock market sa Pilipinas at 3.81% decline since September 2011.



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