As the government prepares to hand over leadership to the incoming administration. The Philippine economy grew faster in the first quarter of 2016 than expected at 6.9 percent compared with the same period last year, officials said Thursday.
According to a Socioeconomic Planning Secretary Emmanuel Esguerra, the Philippines is the fastest-growing economy among 11 selected Asian economies in the first quarter of the year, outpacing expansions in China (6.7 percent), Vietnam (5.5 percent), Indonesia (4.9) and Malaysia 4.2 percent).
“All these investments growth give us confidence that the economy will continue to perform well in the succeeding quarters of the year and beyond,” Esguerra said.
It is important not to miss the current wave of foreign investments in the region, where the Philippines is now a destination of choice. Demonstrating the maturity of its democratic institutions, policy consistency and agreement on a long-term vision are important for sustained business confidence, Esguerra added.
Finance Secretary Cesar Purisima said, “the next administration and indeed, the next generation, inherits a rapidly growing, vibrant Philippines cushioned by robust foundations built over six years.’’
Purisima said, “the Aquino administration was leaving the Philippines in a much better place than when it first found it.” – Carl E.
“Just now,” strong wind arrived and
rain came down like cats and dogs on party goers celebrating their campaign
ideas that Philippine President Aquino is the worst president ever. Just now
too, the current Philippine Gross Domestic Product at 6.9 % is higher than
China’s GDP at 6.7 %. Philippines is now destination of choice for foreign
investors. Current national unemployment rate is 5.8 % except Leyte province.
the 6% came from the private sector. specially the BPO. thumbs to the technology and call center workforce. the tax payers!
And you think the Aquino administration did nothing? Who do you think the World Bank praises with Philippine’s economic growth, you? The taxpayers? Or your president.
You’re one piece of the Filipino’s corrupt society’s tragic crab mentality issues. The many reason your country keeps sliding back to poverty like the Erap era, and now Duterte. Your president Aquino did a great job on your economy, and here you are pretending that you did it, not your leader.
hoy tanda, ang topic dito is economic gains and the the top industry that contributed to the economy is the BPO industry. they are top dollar earners for the country. the past president is not the topic or tragic mentality issues na sinasabi mo. I did not pull anybody down, I dont steal from anybody,and I pay my income taxes and real estate taxes. I dont incite rebellion and abide by the law. so shut your mouth at bahasin mo ang topic mabuti.
Wow, so the government had nothing to do with it? So how well did it do under Duterte???
Manufacturing due “transASEAN” trade corporations lagging behind China.
Pinoy para sa Filipinos
Where are we now???
Back in 2010, we were like lepers of the banking system. No bank will lend us money or buy our bonds without a high interest rate for the risks they are taking.
Then after good financial management, we have an ‘investment’ rating from ALL rating agencies that allowed us to borrow money at very low interest rates and pre-pay the old loans with much higher interests. And we were building our economy with cheap bonds, and these bonds were always oversubscribed because lenders know they will be paid.
From US$190B annual GDP, our GDP grew to US$360B in 6 short years. Our Balance of Payments was positive and our foreign reserves growing every year, not including our Sovereign Funds from oil and gas.
In one year of the present stupid admin, the Peso loss value, from P44 = US$1 to P50.6 = US$1. Our foreign reserves is declining and for the first time in 15 years we have a negative Balance of Payments.
We have to thank the 16 million fools who voted a clown into office!!!
May your tribe decrease!!!