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Philippines tips 2012 GDP growth to beat forecasts

Economic Planning Secretary Arsenio Balisacan: Stronger outlook. INQUIRER FILE PHOTO

MANILA, Philippines—The Philippines economy will likely grow more than government forecasts this year and pick up over the next two years, Economic Planning Secretary Arsenio Balisacan said Tuesday.

He told a yearend economic briefing that gross domestic product would exceed 6 percent for 2012, well above the 5-6 percent expansion tipped by officials in Manila.

The foundation was set with growth of 6.5 percent in the first nine months of the year, Balisacan said, adding: “We forecast growth in 2013 to be between 6 to 7 percent and in 2014, between 6.5 to 7.5 percent.”

He said the stronger outlook should help the government create more jobs, which has long been a drag on the economy.

Despite having nine million Filipinos or more than 10 percent of its citizens working abroad, 6.8 percent of its labor force was unemployed in October, the National Census Office said Tuesday in a statement.

A further 19 percent had just part-time jobs of less than 40 hours a week, it added.

“Given the latest labor and employment figures, generating employment and ensuring that these are of good quality remain our greatest challenge,” Balisacan said.

Next year should see an improved electronics industry, which accounts for more than half of the country’s exports, thanks to an expected pick-up in the global economy, he added.

Construction, growing demand for power, water and gas, the expansion of business process outsourcing, tourism, and financial services would also help drive growth, he said.

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Tags: economy , forecasts , Growth , Philippines

  • justice_league03

    why are the numbers good but the reality is ugly?

  • http://profile.yahoo.com/PABEYKXBDR7MAHBSJNGN7Y75SI Jose

    I’ll believe when I see it. 

  • Ricky070

    I have yet to see the Aquino Administration make any major announcement to  prop up the manufacturing sector of the economy. The Manufacturing sector is an important sector that generate jobs for the Filipino workers but there doesn’t seem to be anything significant being done about it.  If the Philippines can’t attract foreign investors for various reasons such as the foreign ownership rules, doing buisiness in the country, infrastructure, etc.  then why not come up with a plan B in which indigenous manufacturing companies from local investors try and set up companies to manufacture goods that the Philippines can sell to the world.  I hope the Aquino administration and the country’s economic planners are using their brains and trying everything possible to come up with ideas that can revive the manufacturing sector while we are waiting for foreigners to come in and invest as we fixed the problems in the mean time.

    • Internecine2012

      Manufacturing in the Phil cannot compete with China, Indonesia, Vietnam or India because the cost of manufacturing  there are relatively cheaper. So who’s going to invest in the Phil on manufacturing?

  • http://pulse.yahoo.com/_SW6KXGNWNTZ2IU3DPAFIYIXNB4 CliffordM


  • Your_King

    Unemployment in the Philippines is extremely bad and extremely high. Over 12 million Filipinos are unemployed and/or underemployed. This is the reasons why so many people are leaving the country to find jobs abroad which in turn boosted the Philippine economy in a weird by because of their remittances. This is not the way to sustain economic growth.

    • http://pulse.yahoo.com/_JEMNLLYAP5EA7SM3A6QUOGV62Q Chris

      it seems remittances has sustained growth for the last decade

      • http://profile.yahoo.com/PABEYKXBDR7MAHBSJNGN7Y75SI Jose

        We are a remittance dependent country.

      • Your_King

        Maybe check your data. Remittances has definitely been a factor but in the recent reports of economic growth in the Philippine it was mainly due to the OFWs. Aquino’s group is taking credit for it but it was not of their doing.

  • 12JEM

    We need to grow our GDP at the rate of more than 7% in the next 10 to 15 years to reduce poverty.

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