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PH No Longer ‘Sick Man of Asia’

by: Sarah Joson

Tuesday, February 10, 2015 |

According to Socioeconomic Planning Secretary Arsenio Balisacan, who is likewise the Director General of the National Economic and Development Authority (NEDA), the robust growth posted by the Philippines over the last five years is a clear indication that the country is no longer the “sick man of Asia”. Last year, the Philippine economy posted a 6.1-percent growth which is the second consecutive year the country posted the second fastest growth rate next to China.

Balisacan said the growth of the country is becoming more stable now compared to the past decades and is now at par with neighboring regions such as Southeast and East Asia. During his speech at the 5th Ayala-UP School of Economics Economic Forum, he said the 6.3 percent growth during the period of 2010-2014 is the highest five-year average the country has ever posted during the past four decades.

The Philippine economy grew by 6.9 percent during last year’s fourth quarter - a few notches higher than the 6.3 percent posted in the same period of 2013. The fourth quarter figure is also the third highest in the entire Asian region, where China takes the top spot with 7.3 percent, and Vietnam taking the second spot with seven percent.  

For the first quarter of 2014, the economy grew by 5.7 percent, 6.4 in the second quarter, and 5.3 percent in the third quarter.


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