The seven percent growth of the Philippine economy for the fourth consecutive quarter is a sign that it is not going to slow down any time soon. In fact, President Benigno Aquino III can’t seem to stop talking about the country, saying it is the "sick man of Asia" no more.
In a poll by Bloomberg News, it was indicated that a 7.2 percent median growth was projected for the Philippine economy, but as figures were collected, it was found that projections were actually outdone. Gross domestic product increased by 7.5 percent from the previous year, shortly after that previous quarter’s 7.7 percent gain.
Meanwhile, one of Standard Chartered’s economists, Jeff Ng, told Bloomberg that the Philippines is still one of Asia’s bright spots. He added that as other countries’ economic growth rates are slowing down, the GDP growth of the Philippines is very healthy and is anticipated to continue to grow across above-trend segments.
The Bloomberg report also expected that there’s a possibility for the Philippines to be one of the top five fastest-growing economies in 2013 and 2014, with growth projections of 6.9 percent and 6 percent, respectively.
Arsenio Balisacan, a Filipino economic planning minister, also predicted that the country will surpass the six percent growth target for 2013 and post at least seven percent.
The recent quarter is the country’s 16th straight quarter of growth where private consumption grew 6.2 percent compared to last year, investments rising 19.7 percent, and government spending also grew 9.5 percent. The growth in various segments is said to be fuelled by construction expenditures.