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Aquino administration remains positive on the domestic economy

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The Philippines posted a weaker-than-expected growth in the third quarter of 2011, thus, Finance Secretary Cesar Purisima vowed the continued implementation of programs to boost domestic growth.

The economy posted a growth of 3.2 percent, as measured by gross domestic product (GPD), from July to September this year, lower than year-ago’s 7.3 percent and the market projection of 4.3 percent.

Purisima said they “welcome the modest third quarter growth figure given present uncertainties in the global economy.”

“Nevertheless, we will continue to work harder to chart the country to a higher growth trajectory,” he said.

The Finance chief cited that the services sector was the primary source of the economy’s growth in the third quarter this year after expanding by 5.3 percent.

He also said that the agriculture sector continued to rise by 1.8 percent in the third quarter amid the arrival of typhoons during the period.

He also noted that capital formation grew by 24.5 percent in the third quarter and pointed out that “this is good since it means that more capital is being laid out to further boost investment in the country, which in return we expect would contribute to economic growth.”

Also, result of the government’s accelerated spending program has been noted after final consumption rose by 9.4 percent.

Purisima said that “it is worth noting that growth in this sector of the economy has been on increasing trend for the past three quarters: -17.2 percent in the first quarter, 4.5 percent in the second quarter and now 9.4 percent.”

He expects the spending program to continue its improvement until the end of the year “as we take advantage of our wide fiscal space to enhance disbursements in order to shield the economy from the threats of present global uncertainties.”

“Better prospects are in for the country as we close 2011 with the composite leading economic indicator improving to 0.0168 from 0.116 for the third quarter on the back of seasonal increase during the holiday season that we expect will boost domestic demand, thus stirring growth upwards,” he pointed out.

“Rest assured that the Aquino government’s economic team will continue to be watchful of the global economy and work toward the goal of having a sustainable inclusive growth for the country,” he added.

By PNA




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