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Philippine economy grows 7.1 percent in the third quarter, among the fastest in Asia and world
Washington Post ^ | 12/09/2012

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 government’s 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 country’s stock market show an upward momentum in investor and consumer confidence. Renewed confidence in the Philippines partly reflects President Aquino III’s 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.

(Excerpt) Read more at articles.washingtonpost.com ...


TOPICS: Business/Economy; Society
KEYWORDS: gdp; philippines
I have been observing this country since Marcos fell in 1986.

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 ).

NOTE:

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.

1 posted on 12/09/2012 6:09:42 AM PST by SeekAndFind
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To: SeekAndFind

I’d pay good money for some lumpia right now.


2 posted on 12/09/2012 6:56:28 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind

Armscor is doing great things

https://us.armscor.com/


3 posted on 12/09/2012 6:59:13 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind

I’m still trying to get my hands on a Rock Island 9mm/.22 TCM 1911

http://www.youtube.com/watch?v=OKSShOvs198


4 posted on 12/09/2012 7:05:28 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: mylife

You mean they’re selling ammo in the Philippines? What for?


5 posted on 12/09/2012 7:05:36 AM PST by SeekAndFind
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To: mylife

RE: I’d 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.


6 posted on 12/09/2012 7:08:07 AM PST by SeekAndFind
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http://www.youtube.com/watch?v=YeCTWwKxQUk


7 posted on 12/09/2012 7:13:39 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind

ARMSCOR ammo is produced in the USA.
The guns are designed and manufactured in PI

What for?
Because we can


8 posted on 12/09/2012 7:16:13 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind

Sigh...
I am in tiny town Tx
No lumpia our pancit noodles here

:(


9 posted on 12/09/2012 7:17:56 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind

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


10 posted on 12/09/2012 7:35:37 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind

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.


11 posted on 12/09/2012 7:37:12 AM PST by Catsrus
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To: SeekAndFind

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!


12 posted on 12/09/2012 7:48:57 AM PST by napscoordinator (GOP Candidate 2020 - "Bloomberg 2020 - We vote for whatever crap the GOP puts in front of us.")
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To: mylife

There is such a thing as Fedex!


13 posted on 12/09/2012 7:52:15 AM PST by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: Jack Hydrazine

I can make my own but its not the same.


14 posted on 12/09/2012 7:55:15 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind

Panama Economic Growth Accelerated to 10.6% in First Quarter

By Eric Sabo - Jun 15, 2012 5:12 PM ET


15 posted on 12/09/2012 8:59:34 AM PST by Gatún(CraigIsaMangoTreeLawyer)
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