Under President Aquino’s “Daang Matuwid” administration
PHILIPPINE economy grew by 6.8 per cent in the last quarter of 2012, reported the Philippines national economic planning body National Economic Development Authority or NEDA, during a press conference on the performance of Philippine economy.
The report was made by Socio-economic Planning Secretary Arsenio Balisacan during a press conference in Manila on the performance of Philippine economy for Fourth Quarter of 2012 and for the whole year of 2012.
The report reinforced Philippine President Benigno Aquino’s statement about the positive changes and the economic development that happened in the country during the last two-and-a-half years. President Aquino pointed out during the World Economic Forum in Davos, Switzerland that the international community has confidence in the Philippines and the country’s stock market has remarkably performed well and kept the country’s resiliency despite the global financial crisis.
Secretary Balisacan said the 5.6 per cent target set earlier in the year “was a bit low although at that time, this seemed like a fighting target.”
Secretary Balisacan said the Philippines was coming from 3.9 per cent growth in 2011; budgetary reforms has just been put in place and others were still to be implemented. There was also the worsening crisis in Europe Area; whilst the forecast of mild El Niño, and many other such uncertainties,”
Balisacan said now that the country has surpassed the target, more than anything, the private sector and the general public should be thanked for trusting to the point that they were willing to increase stakes in the economy.
NEDA chief Balisacan said industry grew by an impressive 6.5 per cent, more than twice the growth exhibited in 2011 at 2.3 per cent.
“As you can see,” Balisacan added, “this was led by the expansion in public and private construction activities and the electricity, and water sector. In the first two quarters of 2012 it was public construction that took up the slack in construction but the private sector has taken over beginning the third quarter. And this is what we mean by private sector upping its stake in the economy.”
During another occasion, Philippine President Aquino III acknowledged the contribution of NEDA in nation building as the agency celebrates its 40th anniversary.
We have much left to do, and NEDA will become an even more important partner in the years ahead. If we want to make sure that our efforts will yield results, our next move must be calculated,” President Aquino said.
To sustain the growth, the government must continue its efforts to level the playing field and weed out corruption and step up the country’s competitiveness in the global market.
President Aquino also said the government will continue to invest in human capital through education, health and social services, adding that the government has identified key sectors for growth and have put initiatives that will facilitate growth.