by: Sarah Joson
Thursday, February 28, 2013 | Outsourcing News |
Regulatory reforms and infrastructure development are expected to fuel the strong position of the Philippine economy, as well as its investment climate. Moreover, government economic planners are confident that the trade and industry of the Philippines will continue to grow in the next two years.
During the speech of National Economic and Development Authority’s (NEDA) Director General and Socioeconomic Planning Secretary Arsenio Balisacan at the recent economic briefing and general membership meeting of the Managers Association of the Philippines in Manila, he projected a 6-7 percent growth rate for the local economy for this year, and anticipates that 2014 will grow by 6.5 to 7.5 percent.
He added that the government remains cautious, as there are several risks overseas such as the economic crisis in the US and uncertainty in the Eurozone. Another factor that they are keeping an eye on is the rising price of oil caused by higher global demand.
He reiterated that a successful growth plan should involve the entire nation, and that social status and location should not matter.
Meanwhile, the Philippines posted a GDP (gross domestic product) growth of 6.6 percent, which is higher than Thailand’s 6.4 percent, Indonesia’s 6.2 percent, 5.0 percent of Vietnam, and Singapore’s 1.2 percent. Furthermore, the country’s key economic contributors for this year are agriculture, industrial, and services sectors.
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