Feb. 4 – The Philippines’ economy grew 6.6 percent during 2012, a better than expected performance which was boosted by a final Q4 GDP growth of 6.8 percent. The figures represent a considerable improvement over 2011’s GDP growth of 3.9 percent, and make the Philippines one of the better performers in Asian GDP growth for 2012.
According to Finance Secretary Cesar Purisima, the expectations for 2013 are very bright. He emphasized that the government will implement projects and policies that will seek to sustain the momentum of economic growth in the country.
“Good governance generates confidence that translates to more economic activity,” said Purisima.
The services sector rose by 7.5 percent, while industry grew by 6.9 percent. Reversing the 2.5 percent contraction a year earlier, the agricultural sector grew by 4.7 percent in the fourth quarter compared to a year earlier. The government has now set a growth target of 6 percent to 7 percent for 2013.
“In spite of the country’s achievements in 2012, the government will definitely not be lulled to complacency… We shall continue planting the seeds of a structural transformation in our economy to make it more investment and industry-led,” said Filipino Economic Planning Secretary Arsenio Balisacan.
