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PH economy seen growing by 7% this year


MANILA, Philippines — The Philippine economy is likely to grow by at least 7 percent this year, aided by additional spending for post-Supertyphoon “Yolanda” reconstruction, First Metro Investment Corp. said Monday.

“We believe fundamentals will remain strong in 2014 as the country will benefit from the recovery of the global economy, particularly the U.S. and emergence of eurozone from recession. We expect emerging markets to stabilize in the next two years,” FMIC president Roberto Juanchito Dispo said at a press briefing.

The global economic rebound will in turn support the recovery in the export market while business process outsourcing and overseas Filipino remittances would continue to support domestic demand, Dispo said, supporting a gross domestic product (GDP) growth of 7 to 7.5 percent this 2014. At the same time, he said, massive rehabilitation work in the aftermath of Yolanda would drive growth due to the multiplier effect.

Economist Victor Abola of the University of Asia and the Pacific, FMIC’s partner in macroeconomic research, said the additional spending for Yolanda reconstruction would add at least 1.2 percentage points to GDP this year, bringing full year GDP average to 7.3 percent.

The outlook for 2014 was thus seen as favorable despite a potential 2 percent drop in agricultural output caused by natural calamities in 2013.

The Philippine economy has sustained a growth of at least 7 percent in the last five consecutive quarters.

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Tags: Business , economic growth , economy , GDP , Philippines

  • daniboy2012

    Konti lang ang nakikinabang dyan!….

  • Mongoloid Ako

    Mapa 7% yan o anupaman, nanakawin lang ni noynoy yan. Tapos ibibigay niya sa KKK. Magnanakaw yan si Noynoy, tulad ng nanay niya.

    • tilney

      Baka ikaw ang magnanakaw noon panahon ni GMA ..Eh ngayon wala ka na makuha kaya puro gawa ka na lng ng keento kutsero..kawawa ka .nasanay ka sa masama bisyo…inom ka muna ng Gin baka matauhan ka

  • Phoinex

    Progress is good as long as it does not means additional taxes. The government should also take control of the privatized power firms and former government institution/companies. They should not let the businessmen take control the lives of the people and the government as well. The government should control these companies who are clearly manipulating and monopolizing the basic necessities of the people.

    • Handiong

      I take it to mean that you are proposing the repeal of EPIRA and the Oil Industry Deregulation Law and the return of the power and oil industries to government regulation. I hope you don’t mean to say that the government should control all private companies.

      As the country progesses, government’s needs also increase to support and sustain growth and development. Let’s not foreclose the government’s ability to impose or raise taxes especially on the rich to meet those needs.

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

    Drawing na naman. Lahat naman kay PNoy puro drawing. 2013 was an election year, which was supposed to have a spectacular GDP growth. And yet, GDP went down from Q1 to Q2 to Q3 to Q4. Unemployment remained stubbornly high. Hunger was just as bad. The only thing that grew out of proportion was bribery and corruption under the direction of PNoy. 2014 won’t be any different. First Metro’s forecast will be up for several revisions for the worse in the months to come. PNoy, the pork barrel king, has already run our economy aground. In the coming months and years till 2016, PNoy will bury this country six feet under the ground. With US Fed’s tapering off and China’s credit tightening, global liquidity will return to the developed economies, bursting the big bubble right in the face of PNoy. Not even the empty praises of the bubblemakers such as Moody’s, S&P and Fitch will be of any use to PNoy.

    • Handiong

      Hey, Bubble King, you’re back!

    • tilney

      Ikaw ang wala ka weder weder..ano may tongpats ka na ba at bigla ka lumitaw..

  • AlexanderAmproz

    A fiesta for he 40 families owning 74% of the country resources.

  • kilabot

    so will the unemployed find gainful employment?
    answer me, genius.

    • marcos_hitler_diktador_tuta

      Well, you idiot, if you do your fair share of the load, you might become useful by committing suicide.

    • tilney

      Eh kung wala ka qualifications at naghahanap ka ng mataas na sweldo wala ka nga mkuha trabaho..

  • disqus_EWrSdjV1nv

    SSS and PhilHealth Directors’ bonus seen growing by 7% monthly this year if not weekly.

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