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Philippine economy seen to have grown 7.2% in 2nd quarter

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Philippine Stock Exchange index, as of August 23, 2013. Screengrab from http://www.pse.com.ph/stockMarket/home.html

MANILA, Philippines – After growing faster than target in the first quarter, the Philippine economy is again expected to have posted a robust growth in the second quarter.

Moody’s Analytics said the Philippines, driven by domestic demand and a consequently healthy performance of the manufacturing sector, likely grew by 7.2 percent in the second quarter from a year ago.

Should the forecast be realized, the first half growth of the Philippine economy then averaged at 7.5 percent. In the first quarter, it grew by 7.8 percent.

The government has set its economic growth target for this year at a range of 6 to 7 percent.

“Manufacturing is growing at a healthy clip, driven entirely by domestic demand… Our tracking model suggests that GDP growth was only slightly weaker in the second quarter [compared with the first quarter],” Moody’s Analytics said in an outlook report released on Monday (August 26).


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Tags: economy , Moody's , Philippines

  • 33Sam

    CITICORP, LIKE GOLDMAN SACHS, IS A FOREIGN CRIMINAL BANKING COMPANY THAT MAFIA-ED THEIR WAY INTO THE PHILIPPINE TREASURY AND CENTRAL BANK VAULTS BY THREATENING CUTTING THE PHILIPPINES OFF FROM THE AMERICAN MARKETS. THIS IS WHY BRAZIL TOLD THESE CROOKS TO GO TO HELL.. YOU WILL NOTE THAT INQUIRER HAD A NEWS BLURB ABOUT CAPITOL LEAVING THE PHILIPPINES. THIS IS WHAT THESE BANKSTER CROOKS DO , THEY THREATEN A COUNTRY TO ALLOW THEM ACCESS TO THEIR MONEY AND THEN STEAL THE MONEY TAKING OUT OF THE COUNTRY WHICH WAS THE MAIN REASON BRAZIL TOLD THEM TO GET LOST.

    ICELAND RECENTLY KICKED OUT THESE CROOKS WHO WERE TACKING ON BANKER GAMBLING DEBTS ON DERIVATIVES, ONTO ICELAND’S NATIONAL DEBT CLAIMING IT WAS “ICELAND’S DEBT” UNTIL ICELAND GOT FED UP AND KICKED THE B@STARDS OUT.

    ANYONE CAN CREATE FRUIT-SALAD PIE CHARTS BUT THE REAL MARKER IS IF THERE WAS ANY INCREASE IN PERSONAL INCOMES.

    YOUR FINANCIAL BOAT IS TAKING ON WATER THEN THESE BANKSTERS MANIPULATE YOUR GOVERNMENT TO ADD THAT 12% VAT ON EVERYTHING WHICH JUST ADDS ANOTHER HOLE IN YOUR BOAT SO YOU CAN NEVER STAY AFLOAT.

    YOUR COUNTRY IS INVESTED WITH MAFIOSO BANKERS BUT YOU BEND OVER AND TAKE.

    YOU WILL NEVER PROSPER BECAUSE THESE CROOKS ARE HERE TO DRINK THE LIFE FORCE OUT OF YOUR COUNTRY SO THAT YOU WILL GO BANKRUPT!!!

    WHAT GOOD ARE THE PIE CHARTS IF PEOPLE CAN’T AFFORD TO PAY FOR MUCH, THEREBY NOT SUPPORTING BUSINESS AND FORGOING MANY LUXURY ITEMS AS THE AVERAGE WAGE EARNER CAN’T AFFORD TO FEED, HOUSE AND CLOTH THEMSELVES FOR ALL THE “INFLATION” AND DROWN-TACTIC VAT!!!

  • ChinaObserver

    FMIC (of Metrobank Group) projects 2nd quarter GDP growth to be as high as 8.5% while Citigroup projects a more sober 6.5%.

  • FannyMacquiao

    The Philippine has grown but it only benefits a few rich and powerful people. Seeing the growth numbers plus seeing the scam from pork barrel misuse it’s clear that the economic growth is only benefiting the rich while the poor masses continue to not feel a thing except for natural disasters like typhoons and monsoons.

  • OFW_Investor

    If 7%+ growth rates can be sustained, the size of the economy will double in 10 years.

  • carlcid

    If this is true, NEDA chairman Balisacan seems to have been short on his estimate. He predicted 7.5% for the second quarter. But no need to quibble about that. High growth is still very much in the cards for the rest of this year. After all, it was an election year, and budget spending was increased significantly.

    However, when monetary tapering starts in earnest, it will not be as easy to elicit favorable growth, even the non-inclusive growth that we have seen.

    Next year, higher interest rates will become the new normal. It’s already happened in the last 2 months, as 10-year U.S. Treasury notes have jumped almost one percentage point. One percentage point may not sound like much, but when it jumps from 1.8% to 2.8%, that’s more than a 55% increase in interest rates. 10-year Treasury notes are used as the weather vane of interest rates.

    When the Fed let loose a flood of liquidity through quantitative easing, the whole world was awash with cash. Hot money looking for a place to go. The Philippines was one such destination. This phenomenon was going on for the past 6 years, and only culminated during the past few months. That is why the Gloria Arroyo administration also enjoyed a period of high growth and a buoyant stock and property market. And this phenomenon continued into the PNoy administration. This was true for most emerging markets.

    Unfortunately, PNoy attempted to construe the inflows of hot money as investor confidence in his administration, when it was actually just opportunistic forays by unscrupulous investors. Lately, the wind was taken out of PNoy’s sail, as the stock market has taken a hit, and will not be able to retrace its previous lofty heights for some time. The next shoe to drop will be the property market. After all, both stocks and property are highly dependent on the low cost of money.

    Now that the instant gratification conferred upon by a low interest regime is bound to fade away, there is need to show more actual accomplishments. It is not enough to depend on the old reliables, such as OFW remittances and BPO’s. Where are the PPP’s and the FDI’s that PNoy had been bragging about since he assumed office?

    In the meantime, the majority of Filipinos still await the inclusive growth that has been eluding the Philippine economy for decades.

    • Pong_Je

      At the end of the day, you still like any average Filipino – who watches in the sideline waiting for every opportunity when your pre-drafted criticism will be become relevant. If I were you, focus your effort on bringing money to the Philippines and uplift the lives your family, relatives and your community and be a catalyst of change.

      • carlcid

        Did you learn how to make faulty assumptions and use foolish logic from your paymasters in Malacañang?

      • crazy_horse_101010

        wonder how many people here agree with you see here. isnt very many. wonder why. you think everyone uses foolish logic and you are the only smart one. yeah right

      • 33Sam
      • crazy_horse_101010

        go to google and type in fake conspiracy theories then type in conspiracy frauds. BITE ME heeheeheehee

      • 33Sam

        GOOGLE IS A C.I.A./N.S.A. SPY TOOL. GOOGLE FILTERS OUT THE TRUTH LINKS AND LEADS YOU TO THE LINKS THEY CREATED TO SPIN THE TRUTH AND DOWNPLAY IT SO MORONS LIKE CRAZY_MANURE101010 CAN POST MORE MISINFORMATION FOR LOW-VIBRATION READERS TO SWALLOW!!!

        http://equineink.files.wordpressDOTcom/2011/12/horse-manure-002.jpg

      • crazy_horse_101010

        GO TO GOOGLE AND TYPE IN FAKE CONSPIRACY THEORIES THEN TPYE IN CONSPIRACY FRAUDS

      • 33Sam

        GOOGLE IS A C.I.A./N.S.A. SPY TOOL. GOOGLE IS BUSY FILTERING OUT THE TRUTH LINKS AND LEADS YOU TO THE LINKS THEY CREATED TO SPIN THE TRUTH AND DOWNPLAY IT SO MORONS LIKE CRAZY_MANURE101010 CAN POST MORE MISINFORMATION FOR LOW-VIBRATION READERS TO SWALLOW!!!

        http://equineink.files.wordpressDOTcom/2011/12/horse-manure-002.jpg

      • crazy_horse_101010

        GO TO GOOGLE AND TYPE IN FAKE CONSPIRACIES THEN TYPE IN CONSPIRACY FRAUDS

  • Diablo_III

    Good news… Basta pass FOI, anti-dynasty law, implement RH, abolish PDAF.. Sulong Pilipinas..

  • http://www.yellowmythbusters.gov.ph/ Weder-Weder Lang

    2013 being an election year, it does come as a surprise that Q2 is weaker than Q1. Despite the massive election spending unleashed by PNoy to stimulate the economy, Q2 still managed to slow down. On top of that, DBM already released 73% of the year’s budget by April 2013, and yet the impact has not been felt in terms of GDP figures. This definitely bucks the election-year trend, wherein Q1 is usually followed by a stronger Q2. At least this never happened during the time of GMA, the benchmark whom PNoy loves to measure himself against for things good and bad. What’s even more worrying are the global headwinds arising from the US Fed’s tapering off of its quantitative easing. Given the foregoing, it is unlikely that the remainder of the year or H2 will be any stronger than H1. Overall, 2013 will go down in history as another disappointing year under PNoy’s administration. But then again, bucking the election-year trend also happened during Cory’s time. Viewed from a broader historical perspective, this is a legacy of failures bequeathed from mother to son, like mother like son.

    sent from my mobile device

    • mercuree

      Who is (are) disappointed? What were the growth rates so far? Around 7 or so. Is it disappointing?

      • http://www.yellowmythbusters.gov.ph/ Weder-Weder Lang

        Care to argue with facts and figures?

        sent from my mobile device

      • Mike Webber

        Crabs can always find something to comlain about. the released budget was mostly for infrastructure projects, the effects won’t be felt until those projects are compleated

      • http://www.yellowmythbusters.gov.ph/ Weder-Weder Lang

        Facts please, if you have any.

      • juncas

        kung walang growth ay puro reklamo. ngayon may growth reklamo pa rin. ang tanong kabayan, may nagawa ka bang contribution sa growth natin ngayon? kung meron man baka kulang pa.

      • http://www.yellowmythbusters.gov.ph/ Weder-Weder Lang

        Nothing wrong with pointing out that Q2 is weaker than Q1, quite uncommon for an election year.



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