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PH needs to sustain 6.5% growth, says Neda chief

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Economic Planning Secretary Arsenio Balisacan. INQUIRER FILE PHOTO

The country’s chief economist said the impressive 6.5-percent growth for 2012 should be sustained for several years to allow it to seep through the grassroots and benefit ordinary Filipinos.

“We are hoping and we are working [to] sustain this growth and get this growth spreading, benefiting the broader sections of society. The key here is really sustaining it in such a way [that it will] benefit a large part of population, especially the poor,” said Socioeconomic Planning Secretary Arsenio Balisacan, also the director general of the National Economic and Development Authority (Neda).

Balisacan was in the Senate Wednesday where his confirmation by the Commission on Appointments was approved at the committee level.

Balisacan sounded hesitant when asked to confirm the 6.5-percent growth rate in an ambush interview.

It was Sen. Franklin Drilon, chairman of the Senate finance committee, who later told the Philippine Daily Inquirer that the figure was what would be announced Thursday.

President Aquino announced on Tuesday that Filipinos “will be impressed” at Thursday’s announcement of the country’s 2012 fourth quarter growth rate as well as last year’s overall growth.

Asked about a time frame before the broad section of Filipinos would experience the country’s economic growth at a more personal level, Balisacan said: “It should be happening but don’t expect a miracle [where poverty would be] wiped out or substantially reduced.”

Balisacan said the 6.5-percent figure reflected “only one year” of performance by the economy.

Not yet full story

“If you note the experiences of countries around us, it takes several years of sustained… [or] rapid growth before you can reduce poverty say by one-half [of the population],” he said.

Sen. Edgardo Angara agreed, saying it would be difficult at this point to “see where that growth has occurred and how far has it spread among social classes and geographical areas.”

“The figure alone does not tell us yet the full story,” Angara added.

Balisacan said Neda had drafted a “two-pronged attack on poverty” that involves “raising the level of growth and improving access to economic and basic services by the poor.”

Balisacan said the ongoing conditional cash transfer program that gave monetary incentives to poor families who sent school-age children to school would have “poverty-reducing effects.”

But longer-term measures would include the expansion of infrastructure to create employment opportunities would need the cooperation of Congress.

Drilon said the selection of members of the next legislature that was key to sustaining the growth.

“The President has asked that those in the Senate should support his program. If we are convinced that his program is working, then [the people] should vote for the President’s choice,” said Drilon, campaign manager of Liberal Party senatorial lineup.


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Tags: Arsenio Balisacan , Business , economy , Gross Domestic Product , Philippines

  • IbigMongSabihin

    there is nothing wrong to be happy sa good news, but there is something wrong to be ignorant and translate such ignorance to a misplaced admiration para sa presidenteng aquino. the economic growth of any country is either due to long-term private investments which always result in a sustainable growth for many years or just due to the government temporary intervention or pump-priming of an ailing economy. of course, it is known as it was widely published that the government released an enormous amount of money on year 2012 to pump-prime the ailing philippine economy after a dismal 2010 & 2011 showing, kung saan nasa puwitan sa far east ang philippine growth. such government intervention money on year 2012 was of course factored in and included in the 2012 economic growth. such government pump-priming of the economy would greatly help in creating a temporary artificial growth for 2012. it will not however be carried over for year 2013, hence what can only be expected is not a sustainable growth. real big-time investments that generate long term employment or value-added products are the main engines of sustainable growth, unfortunately wala nito ngayon sa pilipinas. investors are still not coming to the philippines and there was no big-time investment in the country since 2010. anyway, just forget what i wrote, stay ignorant, keep your fanatical admiration and be happy.

  • KurakotNaPinoy

    Walang umasenso na hindi nagsipag. 

    Kaya kayong mga bobotante, magsumikap kayo!

  • rodben

    Good news again to all gov’t hope Mang Pandoy can find now a permanent job instead of contractual

  • upupperclassman

    If the 6.5% economic growth came mostly from building many condominiums, it will be terrible to sustain the growth in the next so many years by doing the same. Aside from building more condos and expanding consumer spending with income of OFWs, do you have other better ideas for growth, Mr. Balisacan?

    • barcelona03

      if.

  • http://pulse.yahoo.com/_AYITA5V33GYZSLC3G37UCVNTKA Ben

    Don`t be complacent, that is our trait…being complacent like Juan tamad. We can not stop our effort to think, act and put our best effort to reach 8% or more, 6% means we have more work to do, and what else can we do to unleash the true potential of the Philippines? We can show China we are not easy to be sanctioned with economic punishment since it will not work especially with a functioning democracy and free enterprise prevailing in the country…keep up, up and up. PPP now unleash it, especially arrays of road dike systems set up in a way that one road dike failure will be blocked by a parallelled road dikes to slow down a catastrophe. This will lessen the climate change yearly damage to our economy and human lives losses ….

  • disqusted0fu

    Hopefully not a lot of people are fooled by this non-sense. The figures are what they are because of our OFWs. Number of OFWs are increasing because quality jobs in the PH are scarce which means that our country is losing our professionals. This ‘growth’ is not long lasting and not developmental. It is all for recognition. It does not create jobs, and will not reduce poverty

    • http://pulse.yahoo.com/_SFB5YVDI2R4WV4HWFV24GXLN5M Sam

      i dont think so. The OFW remittances are important but in a 10Trillion Peso Economy it did not make a strong contribution to growth and its share to GDP is actually declinig year by year. Maybe we should stop this OFW thing from being hailed so much. You can only pour so much remittances in the economy and it can only do so much. It is more of where these OFW remittances are spent (investment or expenses) that matters. ..hopefully people wont just stop working and receive remittances.

      • IbigMongSabihin

        ewan ko kung alam mo na ang calculation ng overseas remittances ay iyong ipinadala lamang sa bank. acually, ang cash dollars na iniipon sa abroad at iniuuwi ng personal ng vacationing pinoy worker ay siguro more than 25% ng ipinapadala nila sa bank. for many years, except year 2012 kung kailan bumaba ang dollar value, remittances contributed about 10% sa economic growth at iyon ang biggest source ng philiippine economy. so papaano na ang single biggest source ng income ng bansa since the time of Marcos ay masasabi mong “did not make a strong contribution to growth”.    

  • Albert Einstien

    NCSB service lang umangat ke pnoy..IBIG SABIHIN umalis YUN mga ofw AT migrante 12.5 million at nagpapadala ng $ para sa FC reserves at gdp growth ……walang KINALAMAN ang gobyerno sa GROWTH pero i-CREDIT GRAB nya…12.5 mllion na TUMATAKAS sa KAHIRAPAN at KAWALANG pag-asa sa panahon ni pnoy
    gdp growth:

    MARCOS 1973 : 9.2 GROWTH

    ARROYO 2010 : 7.9 growth ( 2nd quarter )ARROYO 2010 : 7.3 growth ( 1st quarter )

    pnoy 2011 :3.7 growth pnoy 2012: : 7.1 growth ( 3rd quarter ) , 2012: 6.5 lang pala

    PURO PROPAGANDA…… OFW , MIGRANTS at BPO lang naman pala ang ang nagbigay ng growth hindi naman galing sa pag-noynoying ng gobyerno…NAKAKABIGAT pa nga…

    MALING MALI po!….ang ARAW-ARAW n na propaganda…

    si pnoy galing sa pinaka- MAGANDANG GDP GROWTH ng 2010 ni GMA na 7.3 ( 1st qtr ) 7.9 (2nd Qtr) …BIGLANG pinaBAGSAK ni pnoy ito ng 2011 sa 3.72..
    si fvr…umupo sya galing sa NEGATIVE GDP si cory.1991 .negative gdp ( – 0.58 ) at 1992 gdp 0.34
    si gma naman galing sa GDP ni erap na 2.89at GALING sa EDSA REBELLION 2001 at GLOBAL ECONOMIC COLLAPSE ng 2007, 2008 at 2009..pero nag-POSITIVE GROWTH pa si GMA ..sabi nila MIRACLE ECONOMY….na kung saan me mga bansa pa nga na negative 20% ang gdp nila..kaya tinawag si GMA na WORLD ECONOMIC GENIUS……pero cya pa rin ang pinaka magandang average growth ng GDP …
    give CREDIT where CREDIT is DUE.!

    • http://pulse.yahoo.com/_4C2SFYIH52Y2KR7QPZPHJO2XQQ sl1

      You are one of a kind, good manipulator of statistics data for black propaganda.  good luck to your twisted mission!

      • Albert Einstien

        pure facts lang…you cant manipulate facts….sorry no agenda no mission…. po……LOVE of COUNTRY lang….diko lang masikmura na NILOLOKO nila taong bayan araw araw pa..je je



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