Today, the National Statistics Coordination Board reported that, in the first quarter of 2013, the Philippines’ GDP grew by 7.8 percent—the highest quarterly growth rate posted under the Aquino administration; and the highest in a non-presidential election year since 1988. Based on initial readings, our economy outperformed that of all Asian economies in terms of first quarter growth, including China, which grew by 7.7 percent, Indonesia, which grew by 6.0 percent, and Malaysia, which grew 4.1 percent. These results surpassed almost all market expectations.
Growth was felt in almost all sectors, most notably in local manufacturing, which grew by 9.7 percent. The continuation of government public expenditures was also key, increasing by 13.2 percent. This was helped by the growth in the government’s spending in public construction, which expanded by 45.6 percent. By expenditure, capital formation likewise grew by 47.7 percent. Without doubt, the confidence of both investors and consumers remains strong, as economic activity accelerates even in an uncertain global economic climate.
More than economic growth, however, the Aquino administration is focused on fostering inclusive growth. Since our administration took office, we have worked to drastically expand social safety nets to help the most vulnerable in our country. Most noteworthy is the four-fold increase in the budget of the Pantawid Pamilyang Pilipino Program, which to date has helped more than 3.9 million Filipino households. The recent election results show that the public has confidence in the President, and agrees with the direction the country is going. Therefore, our administration will continue to promote and expand policies that lead to a Philippines where no one is left behind.
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