Even with the series of disasters that the Philippines encountered in 2013, it was able to exceed the government’s initial growth predictions for that year.
According to Economic Planning Secretary Arsenio Balisacan, during the last quarter of last year, the Philippine economy was able to grow 6.5 percent even after super typhoon Haiyan and the earthquake devastated several areas in the Visayas region.
The country’s performance during the last three months of 2013 contributed to the 7.2 percent growth for the entire year. The Philippines was then identified as the second fastest-developing nation in Asia, with China taking the first spot with 7.7 percent.
The growth seen last year surpassed the government’s predictions of 6-7 percent, and so far, it was during President Benigno Aquino III’s term.
Meanwhile, Basilacan identified the trade segment of the services sector, real estate and leasing, and the bullish manufacturing sector as propellers for the economy’s growth. In line with that, the demand side was fuelled by higher investments as well as continuous consumer and government spending.
However, last quarter of 2013 posted the lowest growth rate: Q1 posted a 7.7 percent growth, Q2 posted 7.2, while Q3 posted 6.9 percent. One of the key reasons for this is said to be the damage caused by the super typhoon, but was somehow evened out by financial aid.
Balisacan added that if not for Yolanda, the growth rate in the fourth quarter could have reached 7-7.3 percent.