PH now 'fastest growing' in ASEAN 5

The Philippines is now the fastest-growing among the five largest economies in Southeast Asia also known as the “ASEAN 5,” the statistics bureau said Wednesday.
The National Statistical Coordination Board (NSCB) claims the Philippines beat Indonesia, Malaysia, Singapore and Thailand in terms of economic growth in recent quarters.
The country’s gross domestic product (GDP), the main benchmark of economic growth, rose by 6.8 percent in 2012 and by 7.6 percent in the first six months of 2013.
These growth rates are higher than any other country in ASEAN 5 and also topped the bloc’s average growth of 5.8 percent in 2012 and 5.1 percent in the first half of 2013.
The Philippines has thus broken the trend of being the slowest growing among the five biggest ASEAN countries for six years, NSCB Director-General Jose Ramon Albert said.
“Putting these growth figures in the ASEAN context, the country’s growth has been consistently below the ASEAN and the ASEAN 5 average growth rates from 2005 to 2011,” he said.
Albert noted that before its recent boom, the Philippine economy was “on a precarious roller coaster ride,” with growth reaching its lowest in 2009 at 1.1 percent.
“However, from the second half of 2012 to the first half of 2013, the economy has been in full swing growing at more than seven percent and outperforming its peers,” he said.
The NSCB report cited data from the ASEAN Community Progress Monitoring System and came a day after it claimed that economic growth will remain strong until yearend.
While posting the highest growth rate, the Philippines, however, has the lowest GDP per capita at only $4,339 in 2012 versus the ASEAN 5 average of $7,010.
GDP per capita is the country’s total economic output divided among its population. This means that Pinoys’ income measured per person is the lowest in the ASEAN 5.
Singapore posted the highest per capita GDP in the group at $61,461, followed by Malaysia ($16,976), Thailand ($9,609) and Indonesia ($4,971).
The Philippines’ economic expansion is good news, Albert said. But he added that “much remains to be done to sustain such high growth trajectory and to make it inclusive.”
The statistics chief added that ensuring that growth is sustained and shared by everyone is “not solely the government’s responsibility but is equally shared by the private sector.”

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Book chronicles efforts for PWD-friendly polls VERA Files - The Inbox
    Book chronicles efforts for PWD-friendly polls

    By Melissa Luz Lopez, VERA Files A lot have been done but much still need to be done for a hassle-free  participation of  Persons with Disabilities in elections,according to a book published by The Asia Foundation (TAF) and supported by … Continue reading → …

  • The other side of Palawan Ellen Tordesillas, Contributor - The Inbox
    The other side of Palawan

    By Ellen T. Tordesillas Mention Palawan and what comes to mind are Underground River and El Nido in the northern side of this richly-blessed province from its capital, Puerto Princesa. Three weeks ago, we went to the southern side- in … Continue reading → …

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

Poll Choice Options