Skip to comments.Philippine economy grows 7.1 percent in the third quarter, among the fastest in Asia and world
Posted on 12/09/2012 6:09:27 AM PST by SeekAndFind
MANILA, Philippines The Philippine economy expanded 7.1 percent in the third quarter, among the fastest growing in Asia despite headwinds from overseas, officials said Wednesday.
Socioeconomic Planning Secretary Arsenio Balisacan said household spending, public construction and higher farm output boosted growth. Exports have also improved but trade makes up a smaller proportion of the economy than in many other Asian nations, cushioning the Philippines from weak growth in Europe, Japan and the U.S.
The economy grew 6.5 percent for the first nine months of the year and is likely to exceed the governments 5-6 percent growth target for 2012, he said. In Asia, only China grew faster than the Philippines in the third quarter with growth of 7.4 percent.
This economic expansion continues to be broad-based as almost all sectors posted higher year-on-year growth rates, said Balisacan.
Finance Secretary Cesar Purisima said the growth figures and multiple records set recently in the countrys stock market show an upward momentum in investor and consumer confidence. Renewed confidence in the Philippines partly reflects President Aquino IIIs push to reduce graft and improve governance following a succession of corrupt governments.
Purisima said the expansion is significant because it is much higher than the trend growth rate of 4.7 percent in the past 10 years and comes amid a global economic downturn. It also happened despite a 2.2 percent decline in mining, where reforms are disrupting production.
Mining represents an extra gear for the Philippine economy once the regulatory environment is rationalized, Purisima said.
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It just couldn't get things going despite its highly educated, Roman Catholic, English speaking population.
Until the last 3 years when the current President ran on a platform of stamping out corruption (the previous president Arroyo has been indicted for corruption ).
1) The Philippines has brought down her debt to sustainable levels and is on track to be rated INVESTMENT GRADE by the rating agencies.
2) From a net IMF debtor, she has become a net IMF creditor ( which means ironically, she will be lending money to Europe and her former colonizer -- Spain ).
3) The Philippines has all but overtaken India to be the call center capital of the world.
4) Unemployment ( although still high ) is dropping quickly as the economy grows by an average of 7%. At this rate, average income will double in 10 years.
My point is this -- If a third world country can control her debt, so can we here in the USA. Unfortunately, we are going the OPPOSITE direction.
I’d pay good money for some lumpia right now.
Armscor is doing great things
I’m still trying to get my hands on a Rock Island 9mm/.22 TCM 1911
You mean they’re selling ammo in the Philippines? What for?
RE: Id pay good money for some lumpia right now.
If you live in the NY-NJ area you could easily get it.
If you live near San Francisco or Los Angeles, they’re available too.
ARMSCOR ammo is produced in the USA.
The guns are designed and manufactured in PI
Because we can
I am in tiny town Tx
No lumpia our pancit noodles here
Quite honestly I wish I could get in on Armscor stock, but apparently they are privately held.
They produce more 1911’s than anyone on the planet
Hmmpf! I lost my job 3 years ago because they sent our work to the Philippines. They didn’t have to pay them very much, and even gave their workers lovely row houses/s to live in. I imagine it was similar to the old plantations where the slaves worked for their food, room and board in lovely little shacks.
That is great news. I remember the days when the Philippine Country was a disaster. Glad to see they seem to be digging themselves out of the mess they had. Hopefully we will do the same. It is amazing to me how obvious it is to fix our financial health....everyone knows what to do but nobody wants to do it. Both sides suck big time!
There is such a thing as Fedex!
I can make my own but its not the same.
Panama Economic Growth Accelerated to 10.6% in First Quarter
By Eric Sabo - Jun 15, 2012 5:12 PM ET