Gov’t to focus on exports following 2013 economic gain – Palace

By: Bong Lozada - 10 years ago

Communications Secretary Herminio Coloma. INQUIRER FILE PHOTO

MANILA, Philippines – The recent success of the country in the Gross Domestic Product race in Asia has been second only to superpower China.

According to Secretary Herminio Coloma of the Presidential Communications Operations Office, the country’s GDP grew “remarkably” by 7.2 percent, which exceeded target of the National Economic Development Authority’s six to seven percent growth.

Coloma said that the GDP grew to 6.5 percent in the fourth quarter of 2013, making the country as “one of the best-performing economies” in Asia.

Meanwhile, China posted 7.7-percent economic group last year to lead the region.

He added that NEDA projected that the Philippines would reach its target of 6.5 percent to seven percent.

“We will focus on growing exports, taking advantage of the improving global economy,” Coloma said in a media briefing in Malacañang Thursday. “We will also continue to reduce the cost and improve the ease of doing business to increase foreign direct investments.”

Coloma said that the government would improve the relations between the agriculture and industry sectors.

He added that with the manufacturing business in the forefront, the industry sector posted double-digit growth of 10.5 percent for 2013, with a growth of 12.3 percent during the fourth quarter.

“(The) government remains focused on achieving inclusive growth by reducing poverty and increasing social protection,” Coloma said.