PH grows 7.5% in second quarter

MANILA, Philippines – The Philippines remains the best performing country in Southeast Asia, matching only China’s 7.5 GDP in the second quarter. How will this trickle down?

Cherrie Regalado reports.

The Philippines is still on a roll.
Amid lingering risks and uncertainties abroad the Philippines grows an impressive 7.5% in the second quarter slightly lower than the first quarter.
The country is poised to exceed the target of 6 to 7% full year growth for 2013.
The Philippines continues to beat Indonesia, Malaysia and Thailand.
The best performing country in the ASEAN, it matches the growth of powerhouse China, even surpassing more advanced economies in Asia.
The country remains dependent on the services sector, which accounts for more than half of the gross domestic product.
But the most encouraging growth comes from the industry sector which recorded a 10.3 percent growth this quarter.
The rise of the industry sector, particularly manufacturing is seen as the answer to poverty.
The government is banking on sustained growth in the industrial sector to solve joblessness among workers in the agriculture sector.

ARSENIO BALISACAN
SOCIOECONOMIC PLANNING SECRETARY
To improve productivity of labor we have to create jobs invest in other sectors in the economy. That’s why our focus is reviving industry, reviving manufacturing. Lets create jobs there as we improve productivity of agriculture.

Agriculture employs one third of the labor force, but has performed dismally even shrinking in the 2nd quarter.
Data from the last April’s 2013 Labor Force Survey shows unemployment increased in April this year to 7.5%.

ARSENIO BALISACAN
SOCIOECONOMIC PLANNING SECRETARY
We need to diversify the economy. we need to diversify agriculture.

Economic managers say it is important to keep on growing more than 7% in the coming years to make this stellar growth trickle down to those who need it the most.
Cherrie Regalado, Rappler, Manila. – Rappler.com