Arab Today, arab today philippines growth hits 75 despite asia slowdown
Last Updated : GMT 04:14:31
Arab Today, arab today
Arab Today, arab today

Philippines growth hits 7.5% despite Asia slowdown

Arab Today, arab today

Arab Today, arab today Philippines growth hits 7.5% despite Asia slowdown

Manila - AFP

The Philippines economy expanded 7.5 percent in the April-June quarter, the government said Thursday, as higher public and consumer spending helped it defy an Asian slowdown. The data provides a welcome boost to the government at a time when the country\'s stock market and currency slump as foreign investors pull out of emerging economies in expectation of an end to the US Federal Reserve\'s stimulus. \"While other economies that were growing at a fast rate are now decelerating due to a global slowdown, the Philippine economy has shown an ability to withstand external shocks,\" Socio-economic Planning Secretary Arsenio Balisacan said. Thursday\'s data are a sharp improvement from the 6.3 percent seen in the same period in 2012, the National Statistical Coordination Board said, while it also marks the fourth straight quarter of growth above 7.0 percent. It also brings GDP growth in the first six months of 2013 to 7.6 percent, compared with 6.4 percent in the same period in 2012. The economy is now expanding faster than any other in Southeast Asia, while the second-quarter results are in line with growth in regional powerhouse China. The rebound has been overseen by President Benigno Aquino, who was elected by a landslide in 2010 on the back of a vow to revive one of Asia\'s laggard economies by fighting entrenched corruption that has stymied business activity. The Philippines achieved an investment-grade credit rating this year, further boosting business confidence as inflation remained tame and the government\'s finances improved. Balisacan said the first-half data indicated that gross domestic product (GDP) growth in 2013 \"would likely surpass\" the official target of 6-7 percent. \"We are in a better position than many of the emerging economies,\" he added. His comments come as the Philippines -- like several emerging markets around the world -- sees huge outflows of cash that had been pumped into the economy over the past year as the Fed kept interest rates ultra-low. The foreign withdrawal has seen markets from Manila to Jakarta to Bangkok slump in recent weeks and their currencies tumble. The pesos has fallen about 8.5 percent against the dollar since May. However, Philippine stocks were 3.62 percent higher Thursday after the figures were released. Emilio Neri, corporate economist of Bank of the Philippine Islands, one of the country\'s top lenders, told AFP the high growth figures for the first half were \"a fairly rare feat considering that everybody else is going down\". Manila has avoided the worst because it had not been to dependent on foreign funds and did not borrow too much abroad at the height of the US Fed\'s easy money policy. \"We did not get a hangover from this party that the US Federal Reserve hosted,\" Neri added.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today philippines growth hits 75 despite asia slowdown Arab Today, arab today philippines growth hits 75 despite asia slowdown

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday