Philippine economy posts 7.8% growth
The Philippines continues to enjoy remarkable economic development this year, notably the investment-grade ratings it received and increased government competitiveness index. On May 30, 2013, the Philippine Gross Domestic Product (GDP) was 7.8% in the first quarter of 2013, the fastest in Asia. The growth rate was the highest recorded in the Aquino Administration, and the 3rd consecutive quarter that registered above 7%, surpassing market expectations. The National Statistical Coordination Board (NSCB) cited the factors for the growth: strong performances in manufacturing and construction, high public and consumer spending, big investments in infrastructure, and financial and trade reforms. Construction registered the biggest expansion with 32.5% growth from 29.9% in the last quarter of 2012. Manufacturing grew by 9.7% while mining and quarrying industry expanded by17%. Malacañang lauded the 1st quarter growth, saying that it reflects the continuing confidence of investors as well as consumers in the economy. Analysts see the economy’s robust performance as incentive for businessmen and the government to pour in more investments. Now is the best time for businesses to expand, they said. The challenge is to create more broad-based growth so that the poorer sectors of society will benefit from jobs in high-growth sectors. We congratulate H.E., President Benigno S. Aquino III, Vice President Jejomar C. Binay, and Members of the Republic of the Philippines Economic Team, in their collective efforts to sustain the country’s positive economic outlook, as well as keep its growth trajectory on the right track. CONGRATULATIONS AND MABUHAY!
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