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Saturday, December 16, 2017 24° Mostly cloudy

PH economy leads in Asia

6.8% full-year growth tops China’s 6.7%, Vietnam’s 6.2%

Published

by Chino S. Leyco

The Philippine economy became the fastest in Asia despite slower expansion pace in the final three months of the year, the National Economic and Development Authority (NEDA) said yesterday.

The country’s gross domestic product (GDP) grew by 6.6 percent in October to December, slower compared with 7.0 percent in the previous quarter, and 6.9 percent in the first-semester in 2016, data from the Philippine Statistics Authority showed.

The fourth-quarter GDP brought the country’s full-year economic growth to 6.8 percent, the fastest since 2013, and placing at the higher-end of the government’s 6.0 percent to 7.0 percent target range.

PRESIDENTIAL DOWNTIME – On the plane en route to Davao City following visits to Tacloban City and Lapu-Lapu City on Wednesday, President Duterte finds a few moments to relax and read a copy of Manila Bulletin. (King Rodriguez/Malacañang photo  | Manila Bulletin)

PRESIDENTIAL DOWNTIME – On the plane en route to Davao City following visits to Tacloban City and Lapu-Lapu City on Wednesday, President Duterte finds a few moments to relax and read a copy of Manila Bulletin. (King Rodriguez/Malacañang photo | Manila Bulletin)

The full-year expansion of China is 6.7 percent, while Vietnam’s is 6.2 percent.

According to Socioeconomic Planning Secretary Ernesto M. Pernia, the growth was driven by higher investment and consumer spending, while the slowdown was due to the transition of government.

Pernia also said investors adopted a “wait-and-see” attitude during the October to December period, noting “last quarter growth of an election year is usually slower than the first half.”

Still, Pernia said the country’s expansion last year was a testament that the economy remained robust and is growing at a healthy and steady pace.

The 2016 growth also brought the country’s seven-year moving average of real GDP growth rate to 6.3 percent, the highest since 1978.

Presidential spokesman Ernesto Abella welcomed the country’s strong GDP growth and voiced confidence this could be sustained “in the long run.”

“The last quarter of an election year is usually weak with the government transition. However, in our case, it has actually improved,” Abella said in a Palace news conference.

The latest economic figure is “a testament that our economy remains robust and is growing at a healthy and steady rate,” Abella added.

“Overall, we believe that the target of 6.5, 7.5 for 2017 is highly likely and that our strong economic performance is likely to be sustainable in the long run,” he said.

For this year and beyond, Pernia is confident that the economy will continue to grow at a robust pace, noting “the 6.5 to 7.5 percent target [for this year] is highly likely. After 2017, we expect growth to expand further by 7 to 8 percent.”

He identified risks to the country’s growth, including typhoons and extreme weather events like policy shifts overseas, especially in the United States.

Under the Duterte administration plan, the government seeks to grow the economy by 50 percent in real terms during its six years in office to lift six million people from poverty and bring the Philippines to upper middle income status.

MAIN ECONOMIC DRIVERS

National Statistician Lisa Grace S. Bersales said that manufacturing, trade, and real estate, renting and business activities were the main drivers of growth for the fourth quarter.

The industry sector was the fastest at 7.6 percent, up from the 6.5 percent in the fourth quart of 2015, but services decelerated to 7.4 percent from 7.8 percent.

On the other hand, agriculture maintained a negative trajectory, falling by 1.1 percent from a 0.2 percent drop.

Meanwhile, Pernia said the government saw a significant jump in visa application at the Philippine embassy in China, noting the number of applicants tripled following President Duterte’s friendlier policy with Beijing.

“Chinese tourists are going to be coming in droves,” Pernia said.

Pernia said tourism would also get a boost from the country’s hosting of the 65th Miss Universe pageant and the Association of Southeast Asian Nations meetings.

The Department of Tourism recorded 5.4 million international arrivals from January to November last year, up by 12 percent from the comparable period in 2015. Visitor receipts grew 3.24 percent to P211 billion.

PESO HAS ‘MUTED’ REACTION

Meanwhile, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. noted the subdued opening trade of the peso-US dollar market following the government’s announcement of the 6.8 percent full-year GDP growth.

The peso opened quietly enough at P49.65:$1 versus Wednesday’s closing of P49.81.

Tetangco said the GDP numbers were in line with market expectations. But he said “market reaction in the spot foreign exchange has so far been muted.”

He also noted that domestic demand remains “robust” and the government’s “thrust on infrastructure spending should provide a solid base for the economy to meet the 2017 growth target” of 6.5 percent to 7.5 percent.

“The inflation outlook also remains manageable (so) there is no real pressing need to deviate from current stance of monetary policy,” added Tetangco. “That said, we continue to monitor external developments that may affect our growth dynamics and financial markets. We will adjust policy levers as and when necessary.” (With reports from Lee C. Chipongian and Genalyn D. Kabiling)

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Comments (66)

  • Avatar

    Manny De Los Reyes

    |

    2015 GDP per capita $2650. At 6 % annual growth rate, it will b approx. $3000 for 2017 or $250 per month. Still a very long way to go to prosperity.

    The Gross Domestic Product per capita in Philippines was last recorded at 2639.90 US dollars in 2015. The GDP per Capita in Philippines is equivalent to 21 percent of the world’s average. GDP per capita in Philippines averaged 1588.43 USD from 1960 until 2015, reaching an all time high of 2639.90 USD in 2015 and a record low of 1059.33 USD in 1960.

    Reply

    • Avatar

      Juan Barili

      |

      That is of importance but the price of foods, goods and transport here is far higher than the world around us. We must allow imports of all goods without restrictions and penalty except the luxury goods.

      Reply

      • Avatar

        Manny De Los Reyes

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        It is higher there relative to the earnings or income of the citizens. But if you compare the PH cost of goods and services to those of the industrialized nations, it is very cheap there except maybe gasoline and all oil-based commodities. Automobile and vehicle operating cost in the US is very much lower than PH. Labor will cost you an arm and a leg in the US.

        Reply

  • Avatar

    Yolanda Santos

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    Despite the stupidity of the lunatic president, the non-stop corruption in government and kidnap-for-ransom killer cops in the PNP, the Philippines is still moving up economically.

    Thanks to our lowly paid, contractual workers, and the undying support of our gallant 10 million-strong OFWs who send home an estimated $45 billion that serve as engine of economic growth in our country.

    Reply

    • Avatar

      lance ceellot

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      the stupidity of our scheming idYotlanda is the one that makes the phil stop to grow in all aspects. thanks to our smart people, they continue to ignore the distorted comments of idYotlanda. hahahaha

      Reply

    • Avatar

      Chitoboy

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      ehehehe yes you have to thank more the OFW… the 10 million OFW you mention., +80% of them voted Duterte. So? you have to be respectful to the President, if you really thankful to millions of OFW as a way of your TRUE gratitude to them even if you do not have true respect to the president.

      Reply

      • Avatar

        Yolanda Santos

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        The OFWs who voted for the lunatic killer Idioterte must be sorry now for having voted for the idi0t.

        Reply

        • Avatar

          Chitoboy

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          In contrary they are very much happy, for what the president doing right now. so keep being mad because they want to see you suffering.

          Reply

          • Avatar

            Yolanda Santos

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            Happy? Let’s see if they would still be happy when they, or their relatives are Tokhang’ed by Idioterte’s death squads.

          • Avatar

            Helix

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            Actually, as an OFW I am happy with what the president is doing. I like that the tokhang, toke away the drug addicts and pushers for it will keep away my family out of danger especially that I’m not around to protect them. I am excited going home and enjoy my vacation in a drug free Philippines!!!

          • Avatar

            lance ceellot

            |

            haha nice one helix,

          • Avatar

            Yolanda Santos

            |

            Watch out when you go home to visit. You could end up “Tokhang’ed” too by the PNP death squad.

          • Avatar

            Juanito Emia

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            Yolanda Santos. Aren’t you one of the drug dealers who soon to be tokhang too?

          • Avatar

            Yolanda Santos

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            I am not a drug user, you f*cking idi0t.

          • Avatar

            Susan Veloso

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            And so, if you’re not a drug user, then you must be a fuckin’ drug lord, thus , the next target.

          • Avatar

            Yolanda Santos

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            Hey dumb sh*t Lady Gaga, I am not a drug lord, you stUpid assh*le!

          • Avatar

            Susan Veloso

            |

            Hey Yolanda Santos, if there’s anyone who’s stupid asshole and a fuckin’ shit, it’s YOU, YOLANDA…adik

          • Avatar

            Juan Nationalist

            |

            TA-EHH !!!

          • Avatar

            Teteng Malupit

            |

            you’re one of carandang’s minion aren’t you? haha

          • Avatar

            Yolanda Santos

            |

            No. You are an idi0t, aren’t you?

          • Avatar

            Juan Nationalist

            |

            TA- E LANG ALAM MO !!!

          • Avatar

            Juan Nationalist

            |

            TA-EH MO

          • Avatar

            Chitoboy

            |

            oh sorry, I heard to OFW they love tokhang and more death to come to pushers and drug addict and so far they are happier than ever if tokhang intensified.

          • Avatar

            Yolanda Santos

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            You’re wrong, boy. Survey shows that 80% of Filipinos are afraid that they may be the next victims of PNP Tokhang killer cops.

          • Avatar

            Juanito Emia

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            Yolanda Santos. Show us the survey or you just making it up?

          • Avatar

            Yolanda Santos

            |

            Read the news. You can google it.

          • Avatar

            Juan Nationalist

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            TAE !!!

          • Avatar

            Teteng Malupit

            |

            di kami takot dito sa probinsya namin, mas pumayapa na nga at ubos na mga pusher, tumaba na rin mga users dito. sorry ka na lang. magsama na kayong mga yellowtards. haha

          • Avatar

            Yolanda Santos

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            Shut the f*ck up, assh*le.

          • Avatar

            Juan Nationalist

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            TA-EEH MOH!!!

          • Avatar

            Juan Nationalist

            |

            TA-E MO !!

          • Avatar

            Chitoboy

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            We are talking about OFW did we MS. Paranoid? pilipinos voted Digong over this kind of activity he promise during his campaign and Tokhang will continue even you are paranoid or not. KEEP ON SUFFERING Girl.

          • Avatar

            Yolanda Santos

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            Are you a Christian, Boy? Do you know that Christ forbids adultery, thievery and murdering people?

          • Avatar

            Chitoboy

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            Yes I am a Christian, Are you? Do you know that God allow authority to kill and put murderers and other people transgress the law of the land to death penalty?

          • Avatar

            Yolanda Santos

            |

            You are a misinformed Christian, Boy. Read Mark 10:19 Jesus Christ said to the rich man “Do not murder, do not steal, do not commit adultery, do not bear false witness against others…”.

            You got your being a Christian from the name of Christ. You and the other misguided “Christians” better start obeying Christ, or you will all be condemned on the Day of Judgment.

          • Avatar

            AlexanderAmproz

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            A Medieval viewpoint ?

          • Avatar

            Chitoboy

            |

            I like this discussion: Yes, Good word “misguided”, it is related to a blind christian who don’t even look for the truth (Luke 6:39). Don’t Just keep on listening to the false preaching of your priest or pastor MAKE A STUDY and welcome all kinds of questions, don not abandon your question find a correct/good answer, you have to understand it first by probing it,
            (1 Thessalonians 5:21).

            Most of priest or pastors they only look on Gods words that is looks right or good ONLY to their taste, and leave the rest of Gods words that is NOT good for them or for their church. And they disseminate the words of God falsely to their members. Are you really obeying Christ or merely your pastor or priest teaching? (jeremiah. 17:5 )Be CAREFUL you must test them(1 Thessalonians 5:21).

            On Mark 10:19 you miss one of the most important thing Jesus said and that is “YOU KNOW THE COMMANDMENTS:”, and what commandments Jesus Pertaining? I think you know, that is in the TEN commandments of God, that is in Exodus 20. We know the commandments particularly on Exodus 20:13 – thou shall not commit murder.

            I HAVE QUESTION TO YOU and to your Priest or pastor: this 10 commandments was given to the people of israel and to us as a christian.

            What if I transgress the law or did not follow it???? Like for example, I committed a murder which I kill one family or one person because I get mad on some reason?

            Now what will the law will do to me?

            What is GOD’s COMMAND to the land? to those people transgresses the law of the land? Particularly murder, adultery, kidnapping? remember, every sins (transgression of the law) has a penalty in it. Let me know if you really interested to know the anwer not from me but from Christ.

          • Avatar

            Yolanda Santos

            |

            You are indeed a misguided “Christian”. I not even convinced that you are really a Christian. Why are you quoting from the Torah, which was handed down to the Jews? Are you a Jew?

            On your example of killing to defend yourself or your family, that is self-defence, and therefore justified. What we are talking about here is murder. and Christians are forbidden to commit murder or even hate others.

            The verses that you quoted – Luke 6:39, I Thess. 5:21 and Jeremiah 17:5 are all irrelevant in our discussion that one cannot be a Christian if he supports the murder of thousands of Filipinos in Idioterte’s bloody campaign. You are still quoting the “Ten Commandments” – God’s commandments to the Jewish people. In Mark 1:19, Christ was talking to a Jewish rich man, and so he mentioned the Ten Commandments which applied to the Jews.

            But the laws for Christians as handed down by Jesus Christ are composed mostly of the Ten Commandments plus many more. In Exodus 20: 8 says “Remember the Sabbath day, to keep it holy”. This commandment is not observed by Christians. Instead, they observe Lord’s Day on the first day of the week. Christians do not observe the Old Law of the Jewish nation like sacrificing animals, because this sacrifice had been fulfilled by Christ already by letting himself die on the cross for the sins of the world.

            Christians do not observe the Jewish Passover meal either. Instead, Christians are required to observe the Lords Supper in remembrance of the body, blood and death of Christ on the cross. I Corinthians 11: 23-29

            What had been added aside from “Do not murder”? Matthew 5: 21-22. Do not hate your brother, because one who hates is as guilty as a murderer.

            Is the Old Law which says “An eye for an eye, a tooth for a tooth” still applicable among Christians? NO. Matthew 5:39 , Christ said “But whoever slaps you on your right cheek, turn to him the other also. Christ revised the command “Love your neighbor” (Matthew 5:46) by adding “but love your enemies”.

            How can you love your enemies if you want them killed by idioterte? How can you love them as Christ commanded, if you want the death penalty for them? If you think you are an obedient Christian, think again buddy.

          • Avatar

            Chitoboy

            |

            ALL AUTHORITY IN THIS WORLD IS GIVEN BY GOD:
            Yolanda, You preaching me to obey Christ? therefore you have to obey as well? OR BE A HYPOCRITE?
            In the new testament God has a commanded to you that you must obey(Roman 13:1)
            LET EVERYONE BE SUBJECT to the governing authorities, for there is NO AUTHORITIES except that which GOD HAS ESTABLISH. The authorities that
            exist have been established by God. (Accept It!)

            Therefore again, President Duterte authorities/Government is given by God. because there is nothing in this world an authorities not established by God. that is the truth that you must accept.(Roman 13:1)

            And Murders of criminals committed by authority or NOT it is permitted by God in certain point in time. (Ecclesiastes 3:1)
            Everything that happens in this world happens at the time God chooses.( Ecclesiastes 3:1-Bible GNT Ver)

            DO NOT TAKE AWAY OR SUBTRACT GODS WORDS (Deuteronomy 4:2)
            Just a warning to you Yolanda., You said to me obey Christ! but simply you yourself do not obey! you just simply take
            away or subtract some of his words, You are the one who gave the verse to me, (Mark
            10:19) and you take away his words? “You know the commandments” and
            Christ pertaining to old testament. I’m not the one who quote it was
            Christ.

            and you take it away… Because you rely on your own understanding, you think the whole old testament is only for the Jews . be careful do not rely on your own understanding (prov. 3:5)

            NOT THE WHOLE BIBLE OF OLD TESTAMENT IS FOR THE JEWS ONLY:
            Yes, The old testament is handed
            down to Jews, do you think is not for Christians also today? The verse you gave to me is
            from the New Testament, right? where Christian follows., and Christ himself instruct to obey to the ten commandments which is in the OLD testament and he said to the RICH YOUNG MAN and NEVER say for the Jews only.
            Therefore the Old testament is also applicable to christian which is in (Mark 10:19).

            Do you know why there is a new testament? let me know I will tell to you.

            SABBATH IS HOLY AND NOBODY CAN SAY NO LONGER OBSERVED BY CHRISTIAN:
            Are you sure it should not observed by a christian (true Christian)?

            You think Christ and apostles do not observed the sabbath?

            Do you know Paul preaching about christian day of Rest as sabbath as the holy day for rest?:
            Yes this is in New testament. (Hebrew 4:1-9)

            And that, Do you know that Jesus and apostles observed Sabbath and participated on it? yes again it is in the New testament also? (Luke 4:16) From THE OLD TESTAMENT
            “He went to Nazareth, where he had been brought up, and on the Sabbath day he went into the synagogue, as was HIS CUSTOM”.

            Even Paul observed Sabbath as their custom as Christ did: (Act 17:2)
            As was HIS CUSTOM, Paul went into the synagogue, and on three Sabbath days he reasoned with them from the Scriptures,

            CIRCUMCISE OR NOT, BUT NOT A PREVENTION FOR A CHRISTIAN:
            In regards to commandment of God to the old testament still applicable to Christian
            Both can be perform but the spiritual meaning is much important.
            (Collosian 2:11) “In him you were ALSO circumcised with a circumcision not performed by human hands.” therefore also means both physical and spiritual.

            PRETENDING TO BE A CHRISTIAN:
            I’m convince you are simply not a christian because you just simply pick and choose his words, and ignore others. you have been deceived by your own understanding by picking only what you want and incorporate to your own reasoning. be careful do not rely on your own understanding (Proverbs 28:26).

          • Avatar

            Yolanda Santos

            |

            You got it all wrong, buddy. “Give unto Caesar what is for Caesar, and to God, what is for God”, does not mean Christians should obey tyrannical governments who are against the commandments of Christ. One does not have to obey a ruthless ruler like Idioterte, if his Christian beliefs are jeopardized.

            You are not a Christian because your beliefs are anti-Christian. “Love your enemies” is just like that. “Do not murder” them. You are the hypocrite. Boy. You are full of pretensions when you do not understand the commandments of Christ.

          • Avatar

            Chitoboy

            |

            YOU LOVE DUTERTE! KISS HIM!
            YOU MUST LOVE DUTERTE, Because, God vested Authority to him (Roman13:1)

            You said LOVE YOUR ENEMY, THEN LOVE DUTERTE AS YOUR ENEMY! Love him Yolanda before you get tokhang. ahahahaha!

            YOU PREACHING ME to Love you enemies.,

            The way you speak to Duterte (Idoterte) is clearly your enemy why then you not love him?
            and yet you criticizing him or mocking him ( like idioterte)? Is that the way you love your enemy?

            hehehehe! STUPID AND HYPOCRITE YOU ARE PRETEND TO BE A CHRISTIAN YOLANDA! :)

            YOU PREACHING ME “Do not murder” it is in the old testament as Christ mention “You know the commandments: as Christ said and that is (exodus 20)” ?

            BUT You said “Why are you quoting from Exodus of theTorah, which was handed down to the Jews? Are you a Jew?”

            then you STUPID YOLANDA! are you on shabu?

            You are quoting bible verses that even you do not understand!,

            you are confused, you are just using bible as your tool so that you may look as if you are right.
            Yolanda you are evil pretend to be a christian (2 Corinthians 11:14)

          • Avatar

            Juan Nationalist

            |

            TA-EEH !!!

        • Avatar

          AlexanderAmproz

          |

          Filipinos are stubborned
          and denial experts by “nature”
          More a Dog is beaten by his “master”
          more he love him.
          Filipinos hate to learn !
          They love Marcos and Marcoses
          alike Dogs & Porks will do !

          Reply

        • Avatar

          Juan Nationalist

          |

          TA-E !!

          Reply

    • Avatar

      Manny De Los Reyes

      |

      You are dead smack right. Without the exported PH unemployment, the PH situation could have been more FUBAR. Just imagine 10M more unemployed people in the country instead of 10M people sending $’s back home. It is a double edge sword.

      This is why the trade protectionist policy of Pres. Trump is a big concern if it ripples across the planet.

      Reply

    • Avatar

      johnny wang

      |

      Yes our OFW’s keep us afloat but does our goverment take a note of the abuses, harassment, rapes and murders that our OFW’s go through in this faraway countries. Just a few days back a OFW was executed in Kuwait and our representative there could not keep in touch with the situation as her priorities were somewhere else

      Reply

    • Avatar

      Kiligkilig

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      Including those so called 1,000,000.00 Filipino illegal immigrant in USA or TNT.

      Reply

    • Avatar

      Juanito Emia

      |

      Yolanda Santos. You sounds a drug user. Why called our President lunatic? Are you scared perhaps coz you are a drug user. Goodluck!

      Reply

      • Avatar

        Yolanda Santos

        |

        Are you stupid? Don’t you know that Idioterte is addicted to the drug fentanyl which is 50 times more powerful than heroin and 100 times more potent than morphine? This fentanyl is the reason why he acts like an idi0t.

        No, I an not a drug user. Think of another argument, assh*le.

        Reply

        • Avatar

          Juanito Emia

          |

          If you are not a drug addict. Then you should appreciate the efforts of our President of fighting illegal drugs. Show a little respect to him. I didn’t vote him but I like his campaign of minimizing at least the drugs in the country that obviously destroy the lives of many especially to the young people. If you have kids, you should support his campaign against drug. He is the only president in the Philippine story who made a massive results of stopping illegal drugs and other corruptions. May God enlightens you. Thanks and God bless.

          Reply

    • Avatar

      thuniel

      |

      this really makes you a typical person who lives and see’s life by hate..decisions more on by hate, hate will be the real opposite of love and acceptance, PRD really have humanity in him but your hatred blocked you from accepting it.

      Reply

      • Avatar

        Yolanda Santos

        |

        You are a dummy, dutertard.

        Reply

    • Avatar

      Juan Nationalist

      |

      TA-EH MO Nasa BUNGANGA MO!!!

      Reply

    • Avatar

      PaidTroll-si-

      |

      Yolanda Santos is a paid troll kahit anong i-message mo magrereply yan kasi nga bayaran..magre-reply yan dito sa message ko tingnan nyo..kasi nga bayaran.

      Reply

      • Avatar

        Yolanda Santos

        |

        Hey baklang Paid Troll – you are dumb shit.

        Reply

        • Avatar

          PaidTroll-si-

          |

          Di ba sabi ko na..ugok na bayaran. pls reply bayaran .

          Reply

        • Avatar

          PaidTroll-si-

          |

          HAHAHA kenkoy ka rin pala di lang ugok na bayaran. ulol hahaha

          Reply

        • Avatar

          aceedee

          |

          Yolanda Santos. The more you talk, The more you reveal who you are, and from the looks of it, you sound like a very bitter unhappy person, always blaming evrything around you and no matter what you do it seems the world is out to get you. Reality check. BAD THINGS happen to you because of you. Its never too late to change.

          Reply

          • Avatar

            Yolanda Santos

            |

            I don’t care about what you think, you shitty supporter of the lunatic Idioterte.

  • Avatar

    Idoy

    |

    WHO IS FOLLOWING WHO? I just saw and heard US Pres Trump cussing foul language which made the audience laugh. Philippine Pres Duterte had been cussing extremely foul language but Filipinos are not laughing. Is this cultural difference?

    Reply

    • Avatar

      leomar101

      |

      And PI is even uttered before breakfast, lunch, dinner or bed time in every house. hahahahah. Every where PI is a normal word in allparts of the PH. Even priest, bishops,sisters. huwag ng mag lokohan pa at mag mamalinis. hahahaha

      Reply

      • Avatar

        Teteng Malupit

        |

        nice leomar101

        Reply

    • Avatar

      Jeff Dahlgren

      |

      Where did Trump cuss? Show a link please. This is another myth started by the President himself. Trump neither cusses or drinks etc. Ever. That is a well known fact in US.

      Reply

  • Avatar

    kalabogandbosyo

    |

    Another item charged to Visa Credit-Grab. Ka-ching!

    Reply

  • Avatar

    Ariel Angcaco Albacete

    |

    5.5 years pa kayong nga-nga mga talunan na di maka move-on,,,mabuhay si DU30………….

    Reply

  • Avatar

    Alex

    |

    Not the best, but i am so satisfied with what DU30 is doing for the Philippines. He’s keeping to amaze me. Good job Mr. President! Keep up the good work!

    Reply

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