PH economy posts 7.8% GDP growth

Roxas Boulevard skyline view during evening (by Yen Baet).

The Philippine economy posted a 7.8% GDP growth for the first quarter of this year, from 6.5 percent the previous year, the highest so far under the Aquino Administration. 

In a press briefing on Thursday, Jose Ramon G. Albert, Secretary General, National Statistical Coordination Board NSCB said the robust growth was boosted by the strong performance of manufacturing and construction, backed up by financial intermediation and trade. 

He said that increased consumer and government spending shored up by increased investments in construction and durable equipment also contributed to the highest quarterly GDP growth since the second quarter of 2010. 

The continued inflow of remittances from overseas Filipino workers accelerated the Net Primary Income from the Rest of the World to grow by 3.2 percent boosting the Gross National Income (GNI) growth to 7.1 percent from 5.7 percent in 2012. 

On a seasonally adjusted basis, GDP is gaining momentum growing by 2.2 percent in the first quarter of 2013; GNI grew by 1.9 percent. 

He added that all major sectors posted positive growth in seasonally adjusted terms for the first quarter of 2013. 

In particular, the entire agriculture sector posted a growth of 0.8 percent in the first quarter of 2013 from 0.4 percent the previous quarter. 

However, he said industry slowed down to 2.5 percent growth in the first quarter of 2013 from 4.0 percent in the previous quarter. But the services sector accelerated to 2.2 percent in the first quarter of 2013 from 1.1 percent in the previous quarter as all its subsectors recorded positive growth. 

Positive growth in seasonally adjusted terms across major sectors has been resulting since the fourth quarter of 2010, he added. 

He said that with the country’s projected population reaching 96.8 million in the first quarter of 2013, per capita GDP grew by 6.1 percent while per capita GNI grew by 5.3 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 3.4 percent. 

Meanwhile, National Economic Development Authority Secretary Arsenio Balisacan said that this growth rate of 7.8 percent exceeded market forecasts, including his own. 

He added that this is also the highest among the major East and Southeast Asian economies, particularly Indonesia, Thailand, Vietnam and China. (NSCB/NEDA) 

Source: Manila Bulletin

Published: May 30, 2013