by pna
The country’ 6.4 percent
GDP rebound in the first quarter of 2012 ranks so far as the best among the 10-member countries of the Association of South East Asian Nations (ASEAN), and
second only to China in Asia.
Albay Governor Joey Salceda, a renowned economic adviser to Philippine Presidents, said the country’s recent significant bounce following a slackened performance in the past four quarters, was powered by the Aquino Administration’s renewed
economic strategies and its more serious approach on reforms to regain government integrity.
Quoting reports from the National Statistics Coordination Board published May 31, Salceda said the growth was driven among others by public construction at 62.2 percent, net exports, OFW remittances at +4 percent, and household spending.
Salceda said the country has four significant accomplishments for the first quarter of 2012. First, is that the growth was well above the market’s consensus forecast of 4.8 percent; and second, the Philippines registered the highest GDP advance among Asean and other neighboring countries except China.
The third significant development was that the Bureau of Labor and Employment Statistics showed net jobs creation of 1.1 million proving the growth to be more inclusive than prior growth episodes. This should lead to a reduction in the stubborn poverty incidence which plagued previous administrations, the economist governor added.
Fourthly, the growth of 6.4 percent is sustainable as it is based on the continued strong inflows of remittances due to socio-cultural competitiveness of Filipino workforce in world labor markets, rising inbound tourist receipts based on a focused innovative tourism marketing and investment-driven expansion in destinations and access combined with low and sustained inflation environment underpinning household consumption, he added.
Salceda noted that on the supply side, the economy was driven by an agricultural turnaround of +2.4 percent after two quarters of decline. Industry slowed down to 2.2 percent from 3.3 percent. Manufacturing growth was robust at +5.7 percent, but was offset by -11 percent mining decline, and services recovered to 2.6 percent from 1.3 percent.
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