Philippine GDP up 6.4% in second quarter

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The Philippines may come close to expanding 6.4 per cent in the second quarter, said Socioeconomic Planning Secretary Arsenio Balisacan at a hearing for the 2013 budget at the country’s House of Representatives on August 1.

The strong growth, which puts the country’s economy among the healthiest in the region, is attributed to more conducive labour and employment markets, increasing remittances from Filipinos living abroad and a vibrant retail sector, among other industries.

The more than 9.4 million Filippinos living abroad are thought to hold a heavy influence on the economy by sending home remittances, stimulating domestic spending while decreasing the output gap. Last year saw a record of $20 billion come in from abroad, and the amount in the January-May period this year has already risen 5.3 per cent over the same period last year.

Balisacan also highlighted the country’s “sound fiscal management policies”, which had “steered the economy clear of global risks.”

“The government has enough fiscal latitude… beyond government statistics, we have reinforcing indicators such as governance and competitiveness indicators, credit rating agencies, upbeat private sector and high stock market indices,” he said.

The Philippine peso gained about 5 per cent this month, and is currently one of the best-performing currencies against the US dollar among those most traded in Asia.

Projected growth is apace with that of the first quarter, which was the fastest the $225-billion economy expanded since 2010.

 

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Reading Time: 1 minute

The Philippines may come close to expanding 6.4 per cent in the second quarter, said Socioeconomic Planning Secretary Arsenio Balisacan at a hearing for the 2013 budget at the country’s House of Representatives on August 1.

Reading Time: 1 minute

The Philippines may come close to expanding 6.4 per cent in the second quarter, said Socioeconomic Planning Secretary Arsenio Balisacan at a hearing for the 2013 budget at the country’s House of Representatives on August 1.

The strong growth, which puts the country’s economy among the healthiest in the region, is attributed to more conducive labour and employment markets, increasing remittances from Filipinos living abroad and a vibrant retail sector, among other industries.

The more than 9.4 million Filippinos living abroad are thought to hold a heavy influence on the economy by sending home remittances, stimulating domestic spending while decreasing the output gap. Last year saw a record of $20 billion come in from abroad, and the amount in the January-May period this year has already risen 5.3 per cent over the same period last year.

Balisacan also highlighted the country’s “sound fiscal management policies”, which had “steered the economy clear of global risks.”

“The government has enough fiscal latitude… beyond government statistics, we have reinforcing indicators such as governance and competitiveness indicators, credit rating agencies, upbeat private sector and high stock market indices,” he said.

The Philippine peso gained about 5 per cent this month, and is currently one of the best-performing currencies against the US dollar among those most traded in Asia.

Projected growth is apace with that of the first quarter, which was the fastest the $225-billion economy expanded since 2010.

 

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