While the government admitted that unemployment continues to be a challenge, the labor department said the country has posted two...
The Philippine Economy grew by 7.1% in the third quarter of 2012, the highest growth rate among Southeast Asian nations.
Socio-Economic Planning Secretary Arsenio Balisacan said in a press briefing that the economic growth was fueled by a strong service sector, accelerated growth of the industry sector and the seemingly weather tolerant agriculture sector. Household spending contributed more than half of the growth on the demand side, he added.
“We will face the fourth quarter not only with utmost optimism but also with careful vigilance, especially noting the challenges ahead,” Balisacan said.
“As you can see, our efforts at good governance are beginning to bear fruit,” he added.
Department of Budget and Management Secretary Florencio Abad likewise expressed optimism over the country’s economic performance.
“Our 7.1-percent GDP growth in the third quarter, however, surpasses not only the momentum we set since the beginning of the year, but also our own expectations on our fiscal performance.” Abad said.
“We are optimistic that our fourth-quarter growth will remain as energetic,” he added. “All in all, we’re looking at very fruitful times ahead. With inflation kept down and an interest regime that stays low—not to mention increased public confidence in our anti-corruption and reform-oriented governance platform—we foresee the country’s risk profile to improve considerably.”
“We extend our deepest gratitude to President Aquino and his able team of economic managers for their decisive fiscal and governance leadership. While we have always been confident in our ability to sustain our economic pace, the remarkable 7.1-percent growth in the third quarter is a resounding affirmation of the resilience of our fiscal position, especially when transparent, accountable, and participative governance lies at its foundation.”