Philippine Q1 growth beats China’s
The Philippines continues to hold its economic momentum, expanding an extraordinary 7.8 per cent in the first quarter of 2013, becoming the fastest growing country in the Asia-Pacific region. The country’s clipped pace, supported by the growth of services and industry, is the fastest since 2010 and beats China’s now stabilising economy, which slowed down to 7.7 per cent in the same period.
According to a release from the Philippine presidential office on May 30, the fastest rate posted since President Benigno Aquino III took office in 2010 is a signal that his efforts to weed out corruption has been effective as boosting the economy, along with his aggressive fiscal management policies.
The country’s National Statistical Coordination Board Secretary General, Jose Ramon, said that the rapid growth was attributed to “the upbeat business and consumer sentiment, as well as sustained government capital expenditure.” The Philippines has seen increased investment in construction equipment and industry machinery, both contributing to robust growth.
Analysts and Philippines watchers alike are quick to highlight that the archipelago nation, still blighted by endemic poverty, continues to move on the back of its high-growth industries despite internal job generation issues, ongoing worries in the eurozone, uncertainty in the US and a stalling China.
Other Asian frontrunners include India, which posted a 5.5 per cent growth in the first quarter, and Indonesia, which advanced 6.02 per cent.
National Economic Development Authority Secretary Arsenio Balisacan said the Philippines hopes to achieve a target of 7 per cent to 8 per cent annual growth by 2016. In 2012, the economy grew 6.8 per cent.
The Philippines continues to hold its economic momentum, expanding an extraordinary 7.8 per cent in the first quarter of 2013, becoming the fastest growing country in the Asia-Pacific region. The country’s clipped pace, supported by the growth of services and industry, is the fastest since 2010 and beats China’s now stabilising economy, which slowed down to 7.7 per cent in the same period. According to a release from the Philippine presidential office on May 30, the fastest rate posted since President Benigno Aquino III took office in 2010 is a signal that his efforts to weed out corruption has been...
The Philippines continues to hold its economic momentum, expanding an extraordinary 7.8 per cent in the first quarter of 2013, becoming the fastest growing country in the Asia-Pacific region. The country’s clipped pace, supported by the growth of services and industry, is the fastest since 2010 and beats China’s now stabilising economy, which slowed down to 7.7 per cent in the same period.
According to a release from the Philippine presidential office on May 30, the fastest rate posted since President Benigno Aquino III took office in 2010 is a signal that his efforts to weed out corruption has been effective as boosting the economy, along with his aggressive fiscal management policies.
The country’s National Statistical Coordination Board Secretary General, Jose Ramon, said that the rapid growth was attributed to “the upbeat business and consumer sentiment, as well as sustained government capital expenditure.” The Philippines has seen increased investment in construction equipment and industry machinery, both contributing to robust growth.
Analysts and Philippines watchers alike are quick to highlight that the archipelago nation, still blighted by endemic poverty, continues to move on the back of its high-growth industries despite internal job generation issues, ongoing worries in the eurozone, uncertainty in the US and a stalling China.
Other Asian frontrunners include India, which posted a 5.5 per cent growth in the first quarter, and Indonesia, which advanced 6.02 per cent.
National Economic Development Authority Secretary Arsenio Balisacan said the Philippines hopes to achieve a target of 7 per cent to 8 per cent annual growth by 2016. In 2012, the economy grew 6.8 per cent.
