Philippines sees stronger growth for the rest of the year

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Ninoy-Aquino-MonumentImproving exports, robust consumption and spending related to typhoon rehabilitation will ensure growth in the second quarter and subsequent quarters will be better than in the first three months of the year, the Philippines’ economic planning chief said.

“Leading economic indicators seem to be quite favourable. Subsequent quarters better than the first quarter. Rehabilitation and reconstruction efforts are also gaining traction,” Arsenio Balisacan told reporters on the sidelines of a Senate hearing on the national budget.

Annual growth in the first quarter was 5.7 per cent, the slowest in two years. Growth data for the second quarter is set for release on August 28. Gil Beltran, chief economist of the Finance department, said in a statement real growth in the second quarter could hit 7 per cent, based on data showing a rise in manufacturing activity.

Meanwhile, the Philippine National Economic and Development Authority (NEDA) said the country’s merchandise export grew by 21.3 per cent in July, the highest level since the economy started posting a continuous positive growth in the same period last year.

The Philippines, whose exports grew to $29.8 billion in the first half of 2014 from $27.5 billion last year, outperformed Vietnam (12.7 per cent), China (7.2 per cent), Malaysia (5.6 per cent), Singapore (4.7 per cent), Thailand (3.9 per cent), Indonesia (3.8 per cent), Hong Kong (2.7 per cent), South Korea (2.5 per cent), Taiwan (1.2 per cent) and Japan (-6.5 per cent).

NEDA Director General Arsenio Balisacan said the country’s export gains are broad-based and indicate that the global economy is ready for a strong recovery.

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Reading Time: 1 minute

Improving exports, robust consumption and spending related to typhoon rehabilitation will ensure growth in the second quarter and subsequent quarters will be better than in the first three months of the year, the Philippines’ economic planning chief said.

Reading Time: 1 minute

Ninoy-Aquino-MonumentImproving exports, robust consumption and spending related to typhoon rehabilitation will ensure growth in the second quarter and subsequent quarters will be better than in the first three months of the year, the Philippines’ economic planning chief said.

“Leading economic indicators seem to be quite favourable. Subsequent quarters better than the first quarter. Rehabilitation and reconstruction efforts are also gaining traction,” Arsenio Balisacan told reporters on the sidelines of a Senate hearing on the national budget.

Annual growth in the first quarter was 5.7 per cent, the slowest in two years. Growth data for the second quarter is set for release on August 28. Gil Beltran, chief economist of the Finance department, said in a statement real growth in the second quarter could hit 7 per cent, based on data showing a rise in manufacturing activity.

Meanwhile, the Philippine National Economic and Development Authority (NEDA) said the country’s merchandise export grew by 21.3 per cent in July, the highest level since the economy started posting a continuous positive growth in the same period last year.

The Philippines, whose exports grew to $29.8 billion in the first half of 2014 from $27.5 billion last year, outperformed Vietnam (12.7 per cent), China (7.2 per cent), Malaysia (5.6 per cent), Singapore (4.7 per cent), Thailand (3.9 per cent), Indonesia (3.8 per cent), Hong Kong (2.7 per cent), South Korea (2.5 per cent), Taiwan (1.2 per cent) and Japan (-6.5 per cent).

NEDA Director General Arsenio Balisacan said the country’s export gains are broad-based and indicate that the global economy is ready for a strong recovery.

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