The Philippine economy grew “remarkably” in 2013 as the fourth quarter gross domestic product (GDP) posted 6.5 percent, amounting to 7.2 percent economic growth for the whole year of 2013, according to Philippine Statistics Authority and Socioeconomic Planning Secretary Arsenio Balisacan.
In the GDP release, Balisacan said that overall economy is bright despite the challenges faced by the country for the year, citing the Super Typhoon Yolanda, Zamboanga siege and Cebu-Bohol earthquake among others.
Balisacan said that if not for the natural disasaters, the Philippines would grow 7 percent to 7.3 percent for the fourth quarter, which would result in a 0.1 percentage point rise in overall 2013 GDP.
He also said that though construction and government spending for 2013 had the “highest set back” for the economy declining to 8.5 percent and 5.2 percent compared to year ago levels, still it would be the few of growth drivers for 2014.
Balisacan, who is also the director general of the National Economic and Development Authority, said the the two factors declined because of tighter rules in real estate and lower disbursements.
Among the growth drivers for 2013 GDP were manufacturing sector, services sector and the emerging industry sector.
Kristyn Nika M. Lazo