Latest Stories

BSP sees robust economic growth in 2013


The Bangko Sentral ng Pilipinas expects the Philippine economy to hit the upper end of the official growth target of 6 to 7 percent this year as household consumption remains strong and investments rise.

The BSP said Tuesday that indicators pointed to a scenario wherein the domestic economy could again post a robust pace of expansion this year after an encouraging growth performance in 2012.

BSP Deputy Governor Diwa Guinigundo said that improving investor sentiment would help the Philippines duplicate its 2012 performance.

In the first three quarters of 2012, the economy, measured in terms of the gross domestic product (GDP), grew by 6.5 percent from a year ago. This was one of the fastest growth rates in Asia during the period.

The above-target growth came despite the weakness in the global economy, which was dragged by a crisis in the eurozone and fiscal problems in the United States.

Officials attributed the Philippines’ economic performance partly to growing household consumption, which was fueled by inflows from overseas Filipinos. Remittances from January to October last year reached $17.5 billion, up 5.8 percent from $16.53 billion in the same period of the previous year.

Officials likewise credited rising investments by the private sector and an increase in government spending for infrastructure for the faster economic growth.

In the third quarter of 2012, investments in fixed capital formation grew year on year by 8.7 percent, accelerating from 1 percent in the same period in 2011. Investments in construction grew by 24.8 percent, reversing the 8.6-percent contraction recorded previously.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Bangko Sentral ng Pilipinas , economy , forecasts , Philippines

  • http://profile.yahoo.com/ZLZF3S4KAAM7FT2FOFQBQUHEMM Lahi

    Dapat pag-isipan ng Pilipinas kung paanong ang pera na ipinapadala ng mga OFW’s ay manatili sa bansa natin. Huwag tayong masyadong gumamit ng mga imported products kundi local. Isipin na lang natin kung bawat taon ay kahit 10 billion dollars ay iikot sa ekonomiya ng bansa natin at mananatili sa atin ay gaganda ang negosyo dito. Sa loob lang ng sampung taon ay merong 100 billion na dollars sa local economy natin wala pa diyan ang tinubo sa sampung taon. Simple di ba hindi ka na dapat graduate ng Harvard para maisip ang simpling mga bagay-bagay. Matalino naman ang Pilipino marami lang ay bulag na pagdating sa pera kaya nagiging magnanakaw.

  • tagatabas

    Everybody needs to work hard, Bawal ang tamad sa Pilipinas.

  • Hayek_sa_Maynila

    We will be denied of robust growth because of the 6.8% appreciation of PHP in vs. USD, 12% appreciation vs. Rupiah in 2012 and 20% gain of PHP vs. Rupee between 2010 and 2012.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Businesswoman allegedly killed by husband, brother-in-law
  • Roxas suspended from golf club for outburst over P5,000 guest fee
  • SC reschedules oath-taking of new lawyers
  • Ex-COA chief seeks bail after arrest for plunder
  • Aquino expects more from new Air Force chief ‘since I know him so well’
  • Sports

  • Guiao fined P100,000 for ‘mongoloid’ comment vs Meralco forward
  • Hawks and Grizzlies revel in home wins
  • Floyd: Manny’s power gone
  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Plane lands at Bali airport in suspected hijacking—Indonesia air force
  • Obama lands in Seoul as N. Korea nuclear test fears grow
  • Militant protests vs Obama, US set
  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Marketplace