The Philippines has remained resilient to the effects of uncertainties in the global economy.
“The issue of (global economic) uncertainty has been with us since last year. The trick is diversifying and ensuring the growth of the domestic economy (to defy it),” Socioeconomic Planning Secretary Arsenio Balisacan said.
“It will make us less vulnerable to any shocks. There are many opportunities out there. The rapid urbanizing areas of the Asian region would mean high demands for foods, agro processed products,” he explained.
Balisacan said even as the Philippines continues to depend on semiconductor and electronics for exports growth, the country needs to expand its product lines.
“The economic expansion continues to be broad-based, as almost all sectors posted higher year-on-year growth rates,” he said.
Government data indicated that industry and services sectors remained the biggest drivers of economic growth.
The country posted a gross domestic product (GDP) growth of 7.1 percent in the third quarter on the back of strong domestic demand and diversified exports.
The third-quarter Philippine GDP was the fastest economic growth within the Association of Southeast Asian Nations (ASEAN) during the period.
Indonesia came in second with 6.2 percent, followed by Malaysia (5.2 percent), Viet Nam (4.7 percent), Thailand (3 percent) and Singapore (0.3 percent). China, however, posted a 7.7-percent GDP growth during the period.
Philippine GDP for the first three quarters averaged 6.5 percent, well above the official target growth of 5 to 6 percent set in 2012.
“Our recent economic growth was remarkable. The 6.5-percent figure was much closer to the country’s aspirational target of 7 to 8 percent annual real GDP growth,” he said.
The impacts of typhoon “Pablo” on the domestic economy was minimal, though some can still be felt in the first half of 2013.
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