The Philippine economy has slowed down as the country’s gross domestic product (GDP) is likely to grow by 6 percent in 2015 from 6.1 percent in 2014.
The National Economic and Development Authority (NEDA) says in 2014, economic growth was predominantly private sector-led, indicating increased economic activity in sectors where there are opportunities for better employment.
Economic Planning Secretary Arsenio Balisacan says the Philippines has been growing at an average of 5.6 percent for the first nine months of 2015, with 6.0 percent growth in the last quarter due to strong domestic demand, more jobs and more public and private investments.
“This puts the Philippines as one of the fastest-growing major economies in Asia, after India, China and Vietnam. Our year-to-date performance reflects a steadily growing economy, and we are very optimistic that the Philippine economy will grow at 6 percent for full-year 2015,” says Secretary Balisacan.
“We have seen the continued strengthening of the industry and manufacturing sectors. This was evident for eight quarters from the second half of 2012 until 2014, when growth of the industry sector outpaced the growth of the services sector,” says Secretary Balisacan.
“This trend is consistent with our strategy to promote the resurgence of industry and the manufacturing subsector. But the services sector, particularly the IT-Business Process Manangement, also remained robust. The tourism subsector has also recovered from the Bohol and Cebu earthquakes and Typhoon Yolanda in 2013.”
According to the latest World Economic Forum Global Competitiveness Report, the Philippines now ranks Number 47, a huge leap from Number 85 back in 2010. “This makes us the most improved economy in the ASEAN region and across the world in terms of competitiveness rankings over the last half-decade,” says Balisacan.