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PH economy grows by 7.5% in second quarter

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PSE index as of August 29, 2013, 03:46: PM  Screengrab from http://www.pse.com.ph

MANILA, Philippines — The Philippine economy grew by 7.5 percent year on year in the second quarter, staying on course to surpass the government’s full-year target.

“The Philippines is likely to surpass the growth target of 6 to 7 percent for the full year,” Socioeconomic Planning Secretary Arsenio Balisacan said at a press conference.

Growth in the second quarter brought the average for the first semester to 7.6

The country’s growth in the second quarter was the same as that of China’s and was the fastest among members of the Association of Southeast Asian Nations.

The Philippines’ 7.5 percent growth was faster than Indonesia’s 5.8 percent, Vietnam’s 5 percent, Malaysia’s 4.3 percent, Singapore’s 3.8 percent, and Thailand’s 2.8 percent.

Balisacan noted that the second quarter was the fourth consecutive quarter that the Philippines registered an annual growth rate of at least 7 percent. This development placed the Philippines on course to achieving “inclusive growth,” economic growth whose benefits are felt as well by the country’s poor.

Economists agree that the Philippines has to sustain a growth rate of at least 7 percent over the long term in order to make the benefits of economic growth trickle down to the masses.

So far, the Philippines’ economic growth is described as “non-inclusive” in that the country continues to suffer from high poverty incidence.

As of the first semester of last year, the poverty rate in the Philippines stood at 27.9 percent, one of the highest in Asia.

Balisacan said that with the favorable performance of the manufacturing sector and sustained robust growth of the services sector, a substantial number of jobs are expected to be created over the short to medium term. This should gradually lead to inclusive growth, he said.

Of the three key sectors of the economy, the industry sector, which includes manufacturing, grew the fastest in the second quarter from a year ago at 10.3 percent.

The services sector,  which includes the business process outsourcing industry  and banks, grew by 7.4 percent.

In contrast, the agriculture, fisheries and forestry sector contracted by 0.3 percent.

Originally posted at 11:34 a.m.


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Tags: Business , economy , Philippines

  • TV

    If the economy expanded 7.5%, imagine what the country could achieve if it’s corruption free? If taxpayers’ hard earned money goes to building world class infrastructure, to investing more in education, to better health care…and the list goes on.

    DEATH TO PLUNDERERS!

  • Diablo_III

    Take your best shot Mega Nega….

  • risktakerlove8

    ang tao nga naman kung may good news ang daming nega sentiments lalo na kung bad news…. haaaaaist hanggang kailan ba tayo matutong magbigay pugay sa ating sarili o sa gobyerno kahit sa kaunting achievements nanangyayari sa ating bansa.

    ang sabi pa raw ng kaibigan kung koreano silay naiingit sa pinas dahil napakamayaman sa resources di tulad sa kanila salat ngunit ang kulang daw sa pinas ay ang mga taong marunong magpapahalaga sa anumang bagay na dumating sa kanila at paano pagplanuhin upang lalo pang mapalago. sila daw ay kung magdalamhati ay lahat magdalamhati lalo na sa patungkol sa kanilang gobyerno ngunit sila raw hindi nila pinalampas ang kasiyahan kahit kakarampot na magandang balita ang hatid sa kanilang bansa. ika nga sense of nationalism ay wala tayo. tama naman.

    proof daw ay halos lahat ng pinoy ay gugustuhin migrate sa canada, uk, usa taz doon na manirahan samantala sila raw ay nag-aaral sa sinasabing bansa ngunit nagagalak silang maglingkod sa kanilang bansa. kaya sinasapuso nila kung anumang balita hatid sa kanila ma good news man o ma bad news. kung bad news man ay hinahanapan ng mga constituents kung paano sila makakatulong at kung good news man ay lalo pang pinupursigi ang kanilang mga gawain.

  • pinoy_ako_ofw

    Agriculture could have grown big by now if not for the greedy pulitikos na binoto ng mga tangek na kababayan natin

  • Nic Legaspi

    Good news for this country. However, as for the statement below:

    “Economists agree that the Philippines has to sustain a growth rate of at least 7 percent over the long term in order to make the benefits of economic growth trickle down to the masses.”

    I think many know now why benefits don’t really trickle down to the masses. They end up in our government officials’ pockets.

    • Fulpol

      not really.. it’s not the wealth they pocketed.. it is the oligarchy who pocketed the wealth.. too greedy to share.. and they even scammed the people..

  • lanceads

    Let’s bring the Philippines back to the Map

  • philcitizen

    more support and development on the agriculture and fisheries sector. this is the biggest employer of all the sectors and it desperately needs more attention.

    one reason why the majority doesn’t “feel” the so-called economic growth is because the agriculture sector is hugely set on the sidelines in the government agendas whereas the majority of the work force is in agriculture.

    an evidence of the lack of attention to agriculture is the lawmakers using it as conduit to the Pork Barrel scam.

  • rams_ph

    real economic growth will only be felt by the “masa” if their purchasing power has really increased, if every peso (or thousand peso) they earn could buy more food, goods, and services… kaso, ang kumikita dito eh ang mga corporations. plus the basic services that should be given to the citizenry in general must also improve… healthcare, free basic education, infrastructure and improvement of the economic conditions in the rural and semi urban areas COUNTRYWIDE and not just the major metropolitan areas. para wala nang population imbalance… di na mapilitan magsisikan ang mga mamayan sa metropolitan areas… but instead, stay put in their provinces AND… take advantage of the natural resources that abound in their area…like agriculture, fishing and other natural resources. again… sana wag yung malalaking multinationals lang ang makikinabang… that way…kusang mamatay na yung grupo ng mga tulisan na ang tawag nila sa sarili nila eh new people’s ar-pweh!

    well…. i hope we’re headed there… at least we’re not experiencing negative economic growth… or going thru an all out civil war … still a long ways to go … we could only hope there will be continuity or more improvements after 2016…hayy…. philippines my philippines…. let’s hope this all happens within our lifetime. it’s been more than a century since we earned our right to self govern. sana hindi na sinabi ni MLQ na “i’d rather have a country run like hell by our countrymen, rather than a country run like heaven by a foreigner”



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