The Philippine economy grew 7% for Q3 2013. This solid growth demonstrates the continuing resilience of the economy in the face of global economic challenges and natural calamities. This brings growth to 7.4% for the first 3 quarters of 2013. This is also the 5th straight quarter of 7% or higher growth rate. The main driver were household consumption and robust govt infrastructure expenditure which was 34% higher than the same 3 quarters in 2012. Growth was also increasingly supported by investments which rose by 15.6 % and puts the Philippines in a strong position to sustain the growth. This plus a structural current account surplus , well managed fiscal position and strong governance agenda gives us optimism for the future. Moving forward, a key priority is mitigating the risks posed by climate change by 1- modifying our infrastructure design and locations to better cope with climactic challenges and 2 - coming up with mechanisms to help us better deal with the financial costs of climate change. This is where the global community has to work together so that we can put together a risk sharing mechanism beyond aids and grants. Annually, based on the latest WB estimate, the Philippines loses 0.8 % of GDP growth to natural calamities. Fortunately, under the Aquino administration, we have been the fastest growing ASEAN economy despite being among the top 3 in natural disasters.
Posted on: Thu, 28 Nov 2013 02:43:20 +0000
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