MANILA, November 28, 2012-The Philippine economy grew 7.1% in the third quarter this year beating government targets and besting other Southeast Asian economies that have disclosed their numbers for the period. Among our neighbors the country's GDP growth was higher than Indonesia's 6.2%, Malaysia's 5.2%, Vietnam's 4.7%, Thailand's 3.0%, and Singapore's 0.3%.
This impressive expansion from 3.2% in the same quarter last year, places the country’s 9-month growth rate at 6.5% and on track to surpass the 5-6% full year growth target set by the National Economic Development Authority.
The Philippine economy has shown both resilience and resurgence despite the global economic slowdown. This was made possible due to sustained confidence in the leadership of President Aquino and his administration which has consistently equated good governance with good economics. Underscored by deft fiscal management, responsible and transparent public spending, and a continuously strengthening partnership between government and business, this has resulted in a virtuous cycle for the Philippine economy.
Government has also pushed to ensure this economic growth is felt by the broadest number of people. Within the same 9-month period, the Aquino administration has enrolled more than three million beneficiaries under the Conditional Cash Transfer program and has distributed P20 billion for this priority social investment. On top of this, spending for public health has also increased resulting in an expansion of health care safety nets and improvements in hospitals and health centers all over the country.
Equitable and inclusive growth is a commitment of the Aquino administration that has prioritized the establishment of both social and physical infrastructure which continues to redound to a more robust economy for the benefit of all Filipinos.
No comments:
Post a Comment