(FAST GROWTH. NSCB Secretary General Dr. Romulo A. Virola tells the press that the economy expanded by 7.3% in 2007, the fastest growth in 31 years. In photo left to right: NSCB-ESO Director Raymundo J. Talento, Dr. Virola, Secretary of Socio-Economic Planning and Chair of the NSCB Board Mr. Augusto B. Santos and NEDA-NPPS OIC-Director Myrna B. Asuncion. Official photo from NSCB.)
What do you know, while we were all worrying ourselves to depression, the economy grew 7.3% in 2007 – the fastest growth in 31 years.
Read this breaking news from INQUIRER.net:
MANILA, Philippines — (UPDATE 2) The economy expanded by a forecast-beating 7.3 percent in 2007, its fastest pace in 31 years, boosted by the services sector, the government said Thursday.
“In an environment of benign inflation, low interest rates and a strong peso, the Philippine economy turned in its best performance in 31 years,” said Romulo Virola, the secretary-general of the National Statistics Coordination Board.
“On the demand side, increased consumer spending, investments in public and private construction, government spending and exports of non-factor services largely contributed to the remarkable performance of the economy.”
Following the strong performance last year, Economic Planning Secretary Augusto Santos said the government is maintaining its forecast that growth will slow to 6.3-7.0 percent in 2008 given the expected slowdown in the US, the biggest market for Philippine exports.
“What we are saying is that if there is a recession in the US, then that will affect us, but the situation is closely being monitored,” he told a media briefing.
Santos said the world’s largest economy is unlikely to slip into recession.
“As we see it, there may in fact be no recession in the US given the stimulus package of the Bush administration.”
Here’s how our growth rates look since 2000:
2000 — 4.38
2001 — 1.76
2002 — 4.45
2003 — 4.93
2004 — 6.38
2005 — 4.87
2006 — 5.45
2007 — 7.3
Before the announcement, analysts were expecting a 50 basis point cut in the central bank’s policy rates. Now, they are saying it could be smaller at 25 basis points. We will know for sure in a few hours. A bigger cut would have been better for stocks, not so good for bonds, but investors can’t really complain with the 7.3% figure.
Of course, economists will be reacting all over the place in the next few days. There were several significant upward revisions in the quarterly growth rates. The third quarter 2007 figure was revised upwards by 1.0 percent, there was a 1.7 percent rise in the second quarter and 2.5 percent revision in the first quarter. Economists in Ateneo de Manila and the University of the Philippines will have a field day commenting on how long it took the government to report on these revisions.
Here’s hoping our net worth grew as much, or more than 7.3% in 2007. Even better if our emotional and wellbeing balance sheets register high net worth. Have fun today and enjoy each moment!
30 Responses to “Economy grows 7.3%, fastest in 31 years”
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Pages: [6] 5 4 3 2 1 » Show All
February 10th, 2008 at 6:39 pm
The economy should expand 7% or more for 10 more years before it trickle down to the poor sector of the society,and the truth on this matter is that there is a pecking order in the distribution of wealth the rich being the top of the ladder and the working class and jobless at the bottom,and I feel sorry for the elderly and the disabled they will never make it in any of the level on the ladder unless the government will pay attention to their flights and woes.The economic fundamentals of the government seems sound to me as they were able to raise our economic prospects this year and the next,Thanks to the OFWs that help propel the economy,and whether we like it or not this government makes the difference.On corruption? that is another matter.
February 9th, 2008 at 12:45 am
14
rmb Says:
February 1st, 2008 at 4:25 pm
ano ba ang problema mo salina?7.3 gdp ay positibong balita iyan its 1000 times better than politic news,please dont feel bad about it,its real and if we can sustain it good for all of us,including you.
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I guess you’re one of these people who believe all the lies Gloria Arroyo, Telling to the filipino people. Sorry, But not this idiot.
How can anybody believe her when she already proven herself to be the number one LIAR.
February 7th, 2008 at 12:00 am
3
yippieyuppie Says:
January 31st, 2008 at 7:05 pm
well, it certainly sounds nice but ya, they’re statistics. by the government. Perhaps they should explain how they came up with such figures.
If we’re doing really well, how come there is little sign poverty is alleviating and there is less migration of people to other countries.
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How can they explain it when all these so call booming economy nothing but lies! If its true the so call booming economy Gloria Arroyo, Bragging about why is it there is more and more filipino people leaving the country in order to find work. Why is it there is more and more filipino people going to sleep with empty stomach. Sabihin mo these so call booming economy she’s bragging about nothing but pad. Period!
February 6th, 2008 at 11:52 pm
7
neinsager Says:
February 1st, 2008 at 2:42 am
^^
you have to calm down people! unless you can do your own national income accounting, and good luck with that, you’re just gonna have to assume that the data was gathered in good faith. even the most rabid gma haters use data from the nso (when it’s favorable to them).
still, i don’t think it’s right to brag about it when little of that growth was felt by the majority. as far as most filipinos are concerned, these are just statistics.
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Yep! you got it. Its only number’s. Its easy to add number’s…..And Gloria Arroyo, Very good at it.
February 6th, 2008 at 11:46 pm
bert s Says:
February 1st, 2008 at 10:29 am
People, people, people… Look at the BIG Picture.
The economy is improving, just look at the facts and figures and don’t take any politicians word for it. Just plain hard facts. We are on the right track.
We have a lot of Jobs circling around, if there weren’t any jobs available then the Classified Ads/Job Listing Sections would be empty! The problem is, a lot of people are too lazy to even attempt to improve their credentials to actually qualify for these jobs.
A boost in the economy does NOT automatically translate to poor people miraculously getting money (Juan de la Cruz waiting for the apple to fall instead of grabbing it) or jobless people miraculously getting jobs.
It is still the SOLE RESPONSIBILITY of the individual to fend for himself. Don’t blame the government, the president or anyone else for your shortcomings.
We have an epidemic in this country called “VICTIMISM”, everything that happens to us we automatically think of ourselves as victims!
Why don’t we take responsibility of our own welfare and finally do something about it instead of whining and forever complaining!
Wake up People!
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Bert: If what you’re saying is true! Then tell all OFW’S to come home. They don’t need to go oversea’s anymore to find work because there is plenty of work available in the Philippines, As you say! I don’t buy it,. You know thats a lie.