My Google Page Rank

Phl economy hit a 35-year high of 7.3% in 2010


The Philippine economy expanded by 7.3 percent last year, the fastest pace in more than three decades, the government reported this week.

Romulo Virola, secretary general of the National Statistical Coordination Board (NSCB), said despite the El Niño and the diminished government spending during the second semester, the domestic economy, as measured by gross domestic product (GDP), "sizzled to its highest annual GDP growth in the post Marcos era of 7.3 percent in 2010 from 1.1 percent in 2009."

The 2010 GDP growth was the highest since 1975 at 8.8 percent and surpassed the government's target of between 5 percent and 6 percent.

Virola attributed last year's strong GDP growth to the global economic recovery, higher foreign trade, election related spending and the peaceful national elections.

In 2010, Virola said the industry once again took the driver seat in boosting the economy with its huge 12.1-percent growth from a decline of 0.9 percent the previous year.

Services provided more than able support as it grew by 7.1 percent from 2.8 percent.

However, agriculture, hounded by El Niño, posted a negative 0.5 percent from zero growth in 2009.

In the fourth quarter alone, the GDP grew 7.1 percent from 2.1 percent in the same period in 2009.

Virola said the growth during the last quarter of 2010 came from services, with 3.3 percentage points; industry, 2.7 percentage point and agriculture, fishery and forestry (AFF), 1 percentage point.

Socioeconomic Planning Secretary Cayetano Paderanga said domestic demand continued to be an important growth engine for the Philippine economy in 2010.

"However, while personal consumption expenditures remained as the primary growth driver, we also saw investments providing a strong support to growth," Paderanga said.

He said private sector investment in construction and in machinery and equipment resulted in a robust 17 percent growth in gross domestic capital formation. This supported the healthy pace of growth in manufacturing and services.

"Consistent with the robust economic expansion, the labor market also significantly improved, as total employment increased by 2.8 percent and an estimated 983,000 employment was generated in 2010," Paderanga said.

As a result, Paderanga added that the unemployment rate improved to 7.3 percent from 7.5 percent in 2009.

The NEDA chief further said that the greater availability of employment opportunities also lowered the underemployment rate to 18.7 percent in 2010 from 19.1 percent in the previous year, which suggests that workers also benefited from the current economic upturn.

Over the next six years, Padernga said, "we are looking forward to a sustained strong economic performance. This will be built on strengthened partnerships with the private sector as we shift to an investment-led growth."

In order to further expand the economy's productive capacity and provide enough opportunities for a sustainable and inclusive growth, the NEDA chief added the government efforts shall be directed towards an integrated infrastructure program that will support the productive sectors and redound to substantial benefits to society.

"To this end, and given the significant improvements in governance, together with a renewed emphasis on effective delivery of social services, sustaining high levels of growth remain an important aspect in the goal of reducing poverty in the country," he said.

Paderanga said the government is targeting a seven to eight-percent GDP growth this year until 2016 to reduce poverty in the country. (PNA/PIA9-BST)

Related news items:
Newer news items:
Older news items:

Add comment

Security code

Globe lands SEA-US cable system in Davao City; nears commercial operations

28 Mar 2017 Hits:57 Be the first to comment!

Globe Telecom successfully landed over the weekend the Southeast Asia-United States (SEA-US) submarine cable system, bringing the company one step closer towards the provision of richer and enhanced international connectivity to businesses in Davao and the rest of the country. “We are excited over this development since it won’t take long before we can finally address the rising demand for internet services from businesses in the Philippines,” said Mike Frausing, Globe Business Senior Advisor. “We are very near commercial operations.  Once it commences, the cable system will be able to provide greater route flexibility and better future support for bandwidth-dependent applications and services consistent with the growing trend of companies shifting their business critical operations to digital.” “The primary source of information [...] Read more

Prev Next Page:

Metro Manila residents feel safer; cops step up crime drive

28 Mar 2017 Hits:49 Be the first to comment!

At least 82 percent of Metro Manila residents feel safer in the streets due to the intensified police campaign against illegal drugs, a Pulse Asia survey shows. Pulse Asia randomly selected [...] Read more

SSS eyes mandatory OFW coverage

28 Mar 2017 Hits:49 Be the first to comment!

The state-run Social Security System said it is asking the help of lawmakers to implement the mandatory coverage of Overseas Filipino Workers (OFWs) following its goal to expand its members’ [...] Read more

Students under SPES to help direct traffic flow - Jawo

28 Mar 2017 Hits:55 Be the first to comment!

The city government will use the services of students under the Special Program for Employment of Students (SPES) to help in the implementation of the experimental traffic rerouting scheme. Traffic coordinator [...] Read more

(For effective traffic scheme:) Illegal parking not tolerated

28 Mar 2017 Hits:59 Be the first to comment!

Authorities warned motorists anew against illegal parking, particularly in light of the experimental traffic scheme currently being implemented. Executive Assistant Jawo Jimenez said owners of illegally parked vehicles will immediately receive [...] Read more

(TFZ change of command set today:) Beng cites Uy for efforts vs terrorism

28 Mar 2017 Hits:57 Be the first to comment!

Mayor Beng Climaco has cited Col. Juvymax Uy, outgoing commander of Task Force Zamboanga for his hardwork and efforts in maintaining peace and security in the city that resulted to [...] Read more

LIAC on transportation tackles traffic scheme, truck ban

25 Mar 2017 Hits:155 Be the first to comment!

The City Administrator’s Office on Thursday afternoon convened the Local Inter-Agency Committee (LIAC) on the Enforcement of Land Transportation Regulations to tackle pressing issues affecting traffic in the city’s main [...] Read more

Visually-impaired Dapilin graduates cum laude

25 Mar 2017 Hits:92 Be the first to comment!

A visually-impaired student from Basilan Province is graduating cum laude with a degree of Bachelor of Science in Education at the Western Mindanao State University (WMSU) on Wednesday, March 29. Abdulazis [...] Read more

Chides Magdalo men for being ‘cowards’

24 Mar 2017 Hits:121 Be the first to comment!

President Rodrigo Duterte on Monday branded Vice President Leni Robredo as an enemy who was in a hurry to claim the presidency and described Senator Antonio Trillanes IV as “a [...] Read more

Globe equips Manila Science HS with 21st Century classroom

24 Mar 2017 Hits:95 Be the first to comment!

Globe Telecom and Habitat for Humanity officially turned over to Manila Science High School (MaSci) over the weekend a multifunctional Information and Communications Technology (ICT) laboratory with a collaborative working [...] Read more

WestMinCom troops honor fallen marine soldier

24 Mar 2017 Hits:99 Be the first to comment!

A fallen soldier from the Marine Battalion Landing Team (MBLT)-2, who was killed during a clash with communist rebels, was honored in a send-off ceremony before he was brought to [...] Read more

Six alleged drug pushers arrested

24 Mar 2017 Hits:96 Be the first to comment!

Six persons, including a minor, were arrested in a series of buy-bust operations conducted by the different police stations of the Zamboanga City Police Office (ZCPO), Wednesday. The Drug Enforcement Team [...] Read more

MGB-9 orders stoppage of illegal gold mining in Baliguian town

23 Mar 2017 Hits:93 Be the first to comment!

Local small-scale miners looking for gold ores were ordered to stop illegal mining activities in Pigbogololan area in the rural town of Baliguian, Zamboanga del Norte early this month after [...] Read more

Globe myBusiness gives tips to working in the comfort of your own home

23 Mar 2017 Hits:93 Be the first to comment!

Many business owners enjoy working from home, but there’s a challenge that automatically comes with it.  There are certainly many perks, like being in charge of your own time, dressing [...] Read more

Cocolisap funds await PCA, City Hall coordination gab

22 Mar 2017 Hits:87 Be the first to comment!

Funds to rehabilitate the coconut industry following the cocolisap devastation cannot be released as of yet until after the Philippine Coconut Authority (PCA) regional office 9 and the city government [...] Read more

Koko sees okay of free internet access, six key bills this year

22 Mar 2017 Hits:130 Be the first to comment!

Senate President Aquilino “Koko” Pimentel III said Congress is expected to approve this year the bill on free internet access in all public places and six other key priority measures [...] Read more

Ateneo shines anew in Physician Licensure Exam

22 Mar 2017 Hits:136 Be the first to comment!

The Ateneo de Zamboanga University School of Medicine (ADZU-SOM) once again came up with an impressive performance during the recent Physician Licensure Examination (PLE) given by the Board of Medicine [...] Read more

Globe At Home Customers Meet the Cast of Wicked

21 Mar 2017 Hits:96 Be the first to comment!

The year is just beginning, but one of the highlights of 2017 is the staging of the Wicked, the West End musical, which transformed the Theatre at Solaire into the [...] Read more

Zambo harvests 80 gold medals in ZPRAA

21 Mar 2017 Hits:117 Be the first to comment!

The Zamboanga delegation ranked second in the secondary level and third in the elementary level in the recently concluded Zamboanga Peninsula Regional Athletic Association (ZPRAA) meet held in Dipolog City [...] Read more