THE Philippine economy grew by 7.1% in the third quarter of 2012, the highest growth rate among the Southeast Asian nations. The Gross Domestic Product (GDP) growth for the third quarter was over Indonesia's 6.2%, Malaysia's 5.2%, Vietnam's 4.7%, Thailand's 3%, and Singapore's 0.3%.

Household spending contributed more than half of the growth. Government spending expanded by 12%. The Department of Social Welfare and Development spent around R15.3 billion for the Conditional Cash Transfer program, which benefited 800,000 families. Public construction grew by a strong 23.7%. Trade grew by 7% in the third quarter of 2012.

The Communications industry grew 9.6%. Tourism sector catered to around 3.1 million tourists as of September, 2012. The business process outsourcing (BPO) sector grew by 10.2%, up from 6.6 percent in 2011. The manufacturing sector grew by 5.7% in the third quarter of 2012. Considerable growth was recorded by wearing apparel (56.7%), furniture and fixtures (35.1%), office accounting and computing machinery (20.4%), rubber and plastic products (11.9%).

The rebound of the Net Primary Income from the Rest of the World by 4.9 percent pushed the Gross National Income (GNI) to grow by 6.6 percent from 2.2 percent in 2011. All three major credit rating agencies - Moody's, Standard & Poor's (S&P), and Fitch Group - have placed the Philippines next to investment grade. Singapore-based DBS Banks, the largest bank in Southeast Asia in assets, said that the country may receive another upgrade in its credit rating by the first quarter of 2013.

The Manila Bulletin led by its Chairmanof the Board Dr. Emilio T. Yap, President and Publisher Atty. Hermogenes P. Pobre, Executive Vice President Dr. Emilio C. Yap III, Editor-in-Chief Cris J. Icban Jr., Business Editor Loreto D. Cabañes, Officers and employees, congratulate the government of the Republic of the Philippines headed by H.E. President Benigno S. Aquino III, Vice President Jejomar C. Binay, National Economic and Development Authority headed by Socio-Economic Planning Secretary Arsenio M. Balisacan, Department of Budget and Management headed by Secretary Florencio B. Abad, and Department of Finance headed by Secretary Cesar V. Purisima in their efforts in making the Philippine economy lead in Southeast Asia. CONGRATULATIONS AND MABUHAY!

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.

  • Batangas women bear ‘the cross’ to save loved ones VERA Files - The Inbox
    Batangas women bear ‘the cross’ to save loved ones

    Text and photos by Jane Dasal, VERA Files Nasugbu, Batangas—At the break of dawn on Good Friday, Celilia Zafra donned a black dress and shrouded her face with a black cloth. Then she walked to a place called “putol na … Continue reading → …

  • Chronicling the komedya in Antique VERA Files - The Inbox
    Chronicling the komedya in Antique

    By Alex C. Delos Santos, VERA Files The first time Cecile Locsin-Nava, a scholar on cultural studies in Western Visayas, came to Antique around ten years ago was to gather data for a research on the korido, or Philippine narrative … Continue reading → …

  • Ayungin dilemma Ramon Casiple - Parallaxis
    Ayungin dilemma

    China faces a dilemma in Ayungin Shoal and other contested areas. If it waits for the ITLOS—which may decide against it—it would have tacitly bound itself to UNCLOS and risk a rogue state reputation if it asserts its claim in the South China Sea. If its militarily acts now, it may face international isolation. …

Poll Choice Options