With much optimism and good economic conditions, Philippines again proved that indeed it is rising and moving forward as its economy emerged to be one of the best performing in Asia.
After being given 3 investment rate upgrades from 3 known credit rating agencies Fitch Ratings, Standard and Poors and Japan Credit Ratings Agency, Philippines again surpassed economic expectations as it grew 7.8% in Gross Domestic Product (GDP) for the 1st quarter of 2013 beating ASEAN neighbor economies and slightly edging China’s 7.7% GDP growth.
According to NEDA Chief Arsenio Balicasan, the 7.8% growth was drive by the great investor confidence and consumer optimism in the country. Great performance from different sectors in the country also fueled the GDP to grow in this height especially from the Services and Industry sectors as Construction and Manufacturing industries performed well this quarter. Services sector grow by 7.0%, Industry, by 10.9% and Agriculture sector by 3.3%. Industry sectors growth was mainly contributed by the impressive performance of the Manufacturing Industry which posted a 9.7% increase and Construction industry at 32.5%. Tourism industry also posted impressive numbers at 10.8% growth.
World Competitiveness Rank
After scoring great GDP growth, Philippines also scored on World Competitiveness Rankings as we move 5 notches up, from 43rd to 38th rank.
The Philippines edges Indonesia and India this year who ranked 39th and 40th respectively. World Competitive Yearbook measured their rankings based on 4 key factors, Economic performance, Government efficiency, Business efficiency, and Infrastructure. Among the 4 factors, the country ranked best in Economic performance as it moved up from 42th in 2012 to 31th in 2013 while it scored lowest in Infrastructure where we slide from 55th to 57th. Business Efficiency also had a great score from 26th to 19th and a meager increase in Government efficiency from 32nd to 31st.
With all these good news in the country’s economy, government’s target this time is to make it an inclusive growth so that it will trickle down to the needy portion of the population. And that is their challenge now, to make it felt by the lower level of the society and make sure no one will be left behind with our rising economy.