On August 29, 2013, the government of Philippines announced that the country’s economy has posted a growth of 7.5 percent during the second quarter of 2013. The growth during this period matches with the 7.5-percent growth of China. With the recent development, the country has been placed among the fastest-growing economies in East Asia and the fastest-growing in Southeast Asia.
TheNSCB said, “The resilient Services sector, which grew by 7.4 percent remained the main driver of the country’s growth supported by the 10.3 percent and 17.4 percent growth of manufacturing and construction, respectively boosting the Industry sector to grow by 10.3 percent”. In terms of demand, consumer and public spending and the increased investment in Fixed Capital has helped in the economy boost.
On the other hand, exports have declined. Even the country’s gross national income – including the earnings of Filipinos living and working abroad – has jumped 7.3 percent. Arsenio Balisacan, the Socioeconomic Planning Secretary said that the growth in the second quarter surpassed the median forecast of 7.2 percent.
The growth has proved to be higher than 6 percent to 7 percent target, which was set by the Development Budget Coordination Committee in 2013. Balisacan went on to say that the composition of their growth displays signs of an economy which is in process of rebalancing, with the ability to provide more jobs.
Photo Credits: The Guardian