The Philippine economy is not only the fastest-growing among Asean nations, it is also the most resilient, according to the National Statistical Coordination Board (NSCB).
The NSCB said that data from the 2012 Asean Community Progress Monitoring System (ACPMS) Report shows that the Philippine economy was on a “precarious roller coaster ride before it latched on its current high growth trajectory.” The report said the country maintained positive growth rates despite the global economic meltdown of 2008 and 2009.
In particular, the Report shows that the country’s economy was accelerating during the pre-crisis period of 2005-2007. This positive momentum was abruptly stopped during the onslaught of the global economic crisis of 2008 and 2009. The country’s economy regained its momentum in 2010 but slowed down once again in 2011. However, from the second half of 2012 to the first half of 2013, the economy has been in full swing growing at more than seven percent and outperforming its peers.
“After growing by a better-than-expected 6.8 percent in 2012, and by a whopping 7.6 percent in the first half of the year, the Philippine economy is now the fastest growing among the five largest economies in the Association of Southeast Asian Nations or the Asean 5,” the NSCB said. The Asean 5 is composed of Indonesia, Malaysia, the Philippines, Singapore and Thailand. These economies are the driving economic indicators for determining growth not only in Southeast Asia but also in the “greater Pacific region.”
Apart from the 6.8-percent gross domestic product (GDP) growth in 2012 and the revised 7.6-percent from the initial 7.8-percent for the first quarter this year, the country recorded 7.5 percent growth in the second quarter and is seen to stay above-7 percent by the third and fourth quarters, according to the National Economic and Development Authority (NEDA).
The NSCB tracked the ACPMS report and found that the country was in an upward economic movement from 2005 to 2007. However, the uptrend was stopped because of the global economic crisis in 2008 and 2009. Though decelerating in 2008 and 2009, the Philippine economy remained strong, coming in second to Thailand during the 2008-2009 economic crisis.
In 2010, the country’s economy rallied from the global crisis but “slowed down” again by 2011.
PIDS research fellow Asuncion Navarro earlier said that based on her studies, there was underspending in government from 2010 to 2011.
“However, from the second half of 2012 to the first half of 2013, the economy has been in full swing, growing at more than seven percent and outperforming its peers,” the state-run statistical board said.