- Details
- Category: Top News
- 29 May 2014
- Written by David Cagahastian
FINANCE Secretary Cesar V. Purisima downplayed the decline of the country’s gross domestic product (GDP) growth for the first quarter of this year, down to 5.7 percent from a high of 7.2 percent by the end of 2013.
Purisima said the slower growth rate factored in the major disasters that the country suffered last year, and has, nonetheless, put the Philippines as the third fastest-growing economy in Asia.
“The Philippines grew 5.7 percent in the first quarter of 2014 coming from a year of major disasters. Despite this, the Philippines ranked as the third-fastest growing economy in Asia, after China [7.4 percent] and Malaysia [6.2 percent],” Purisima said in a statement.
He said the country is still on track for its touted economic resurgence, with nine consecutive quarters of GDP growth registering above 5.5 percent to bring the average quarterly GDP growth under the Aquino administration to 6 percent.
“This announcement comes a week after the Philippines successfully hosted regional fora, such as the World Economic Forum and the Asean Finance Ministers’ Investors Seminar that showed that the regional and global economy is now setting its sights on the Philippines,” Purisima said.
He cited other economic indicators that demonstrate the country’s stronger economic fundamentals, such as the growth of the manufacturing sector by an average of 6.9 percent; the increase in exports by an average of 5.5 percent; and the increase in fixed capital by an average of 8.8 percent.
“We have also been able to maintain high growth while keeping inflation within policy levels at 4.1 percent in the first quarter of 2014. On the fiscal side, government expenditures have increased by 12 percent over the same period last year supported by strong growth in revenue collections of 9 percent in the same period, with particularly strong performance in the Bureau of Customs, registering 26 percent year-on-year growth for the first quarter,” Purisima said.
In Photo: President Aquino presides over the National Economic and Development Authority Board meeting at Malacañang on Thursday. (Exequiel Supera / Malacañang photo bureau / PCOO)
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