Skip to main content

GDP of the Philippines Grows 7.1% in the Third Quarter

By Admin
Beating expectations of both local and international economists, the Philippine economy had grown 7.1% in the third quarter of this year according to the report of National Statistical Coordination Board (NSCB). The stunning growth of Gross Domestic Product (GDP) of the country places the Philippines on top of ASEAN countries, and second to China in Asia (China GDP growth is 7.7%). Here's the comparative list:

Philippines - 7.1%
Indonesia - 6.2 %
Vietnam - 6.11%
Malaysia - 5.2

"The beyond expectation third quarter growth was driven by the Services sector with the robust performances of Transport, Storage  & Communication, Financial Intermediation, and Real Estate, Renting & Business Activities supported by the five consecutive quarters of sustained accelerated growth of the Industry and the seemingly weather tolerant Agriculture sector. ",  NSCB reports.

Good Governance is Good Economics

Meanwhile, Secretary of Finance, Cesar Purisima commented that the 7.1% GDP growth shows that the economics of good governance or Aquinomics works. With the government clear focus to regain people's confidence by trying to eliminate corruption, the investors and consumers alike responds positively.

Not Yet All Gears are Working

Secretary Purisima further said that the Philippines still have extra gears to further boost its economy. Citing why this impressive growth is significant, he stated three major reasons:
1. It is much higher than the 10-year trend of 4.7%
2. The growth happened while the world's economic environment  is difficult. The advanced economies of the West are in crises.
3. It happened even though the mining industry (on of Philippines major industries) declined 2.2%.

He further added, "the peace agreement once completed and fully implemented represents another extra gear that will unlock the significant potential of Mindanao."

Investment Grade

With this latest figure, the Philippines had grown 6.5% in the first three quarters, well above its full-year growth target of 5-6% GDP growth.

The Philippines' sovereign credit rating is currently positioned one notch below investment grade in the three major credit agencies, Moody's, Fitch and S&P. However, it is yet to be seen if this latest figure will finally bolster the country to the coveted investment grade.
English: Philippines (dark green) / ASEAN (dar...
English: Philippines (dark green) / ASEAN (dark grey) (Photo credit: Wikipedia)
Enhanced by Zemanta
Labels:

Comments

Post a Comment

Popular posts from this blog

How Much Does a MRI Scan Costs in the Philippines?

By Admin
My dad recently needs to have a Magnetic Resonance Imaging (MRI) scan for his prostate problem. So I made a little research on how much does it cost to have one. Well, turns out, it depends on many factors such as which part of the body is to be scanned. There's also this technique called "MRI with contrast" wherein the patient will be injected with a chemical to make the scan clearer. For your information this technique of adding contrast is know as Gadolinium Contrast Medium . It adds cost to the procedure but with more clarity, the more you can trust the diagnosis. MRI Machine KasugaHuang , CC BY-SA 3.0 , Link So, in my father's case, we had a Prostate MRI and I assume it's without contrast since he was never injected with the "contrast" chemicals. We got it in i-Scan Healthcare Inc here in Quezon City. The cost is 13000 Pesos . Please take not that the amount was just for the scan and the result will be read by a separate professional. Some la
71 comments
Read more

4 Steps to Replace Stolen or Lost Passbook

By Admin
My passbook (inside my bag) was recently stolen inside a local grocery store and I would like to share the steps I took in order to secure my account and get a new passbook. The steps outlined here is for a BPI savings account but generally the procedure will be very similar to other banks in the Philippines. 1. Call the Bank to Secure Your Account The first and the most crucial step you need to immediately do is to contact your bank either through phone or personally reporting it to the branch where you opened the account. This will ensure that no funds will get out. The bank will lock the account immediately. The big banks have 24/7 hotlines. For BPI, it's 89-100. You have to do this step ASAP after discovering the lost. 2. Go to the Branch to Ask for Replacement of Passbook This can be a simple replacement of the lost passbook but it can also mean closing the entire account and opening a new one for security purposes.
3 comments
Read more

Resigning? SSS Will Deduct Your Loan Balance from Your Last Pay

By Admin
The purpose of this article is to inform the public about this policy of the Social Security System (SSS), the government-owned insurance company for those employed in the private sector. I just learned about this a few months ago when my company announced a workforce reduction program. Among the sad discussions is about this policy of SSS regarding loans in cases of resignation or retrenchment. Section G-2 of the SSS Loan Terms and Conditions (at the back of the loan application form) explicitly says the following: "The employer shall deduct the total balance of the loan from any benefit/s due to the employee and shall remit the same in full to SSS, in case the member-borrower is separated voluntarily (e.g., retirement or resignation) or involuntarily (e.g., termination of employment or cessation of operations of the company)." In other words, y ou will be required to pay the rest of your loan (including the interest) when you change employer or employment statu
11 comments
Read more