Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Philippine economy rebounds joins Asia top performers  Join our daily free Newsletter

MENAFN - Arab News - 30/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) MANILA: The Philippine economy rebounded to post 6.4-percent growth in the second quarter and regain its status as one of the strongest in Asia authorities said.

The private sector took the lead as the economy recovered from a relatively modest expansion of 5.6 percent in the first quarter which was partly due to the impact of devastating natural disasters economic chiefs said.

'This higher growth rate coming from a high base a year ago shows that the economy is back on the higher trajectory of growth' Economic Planning Secretary Arsenio Balisacan said.

'We remain as one of the bright spots in the region the second-fastest-growing economy among major Asian countries for the period tied with Malaysia's performance.' He cited the strong performances of the industry services and exports sectors for much of the recovery offsetting lower government spending that was partly due to 'administrative bottlenecks.'

The latest figures brought growth for the first half of 2014 to 6.0 percent and boosted optimism that the country would still attain its target of 6.5 to 7.5 percent growth for the whole year Balisacan said.

Independent economists gave guardedly optimistic assessments for the Philippines a nation of 100 million people which in recent years has seen its economy surge after long lagging behind most of its Asian neighbors.

The Philippine economy grew 6.8 percent in 2012 and 7.2 percent in 2013 but there are concerns about the sustainability of such strong numbers.

'It's a decent rebound but there are still challenges ahead' said Johnathan Ravelas chief market strategist of BDO Unibank one of the country's largest banks.

Ravelas cited as among the potential threats the barrage of storms that hit the Philippines particularly in the second half of the year and emerging 'political noise' as the 2016 national elections get closer.

He also said the government needed to accelerate spending to address the need for better infrastructure and more reliable energy sources. ANZ Research in an advisory said it was forecasting 6.9-percent growth for the whole of 2014 but that this depended on President Benigno Aquino pushing ahead with plans to increase spending on infrastructure.

Balisacan told reporters that state spending would increase with urgency saying 'the identified administrative bottlenecks that contributed to the underperformance of the government sector are being addressed.'

He also said the government had dealt with delays in approving rehabilitation projects for communities devastated by Super Typhoon Haiyan the most powerful storm ever to hit land in November last year.

 


Arab News




  MENA News Headlines
 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

 Jan 27 2015 - Saudi- Salman Obama set for strategic talksArab News
(MENAFN - Arab News) Custodian of the Two Holy Mosques King Salman will hold talks in Riyadh on Tuesday with US President Barack Obama on major regional and international issues a Royal Court ...

 Jan 27 2015 - SAGIA: Smooth transition highlights KSA's stabilityArab News
(MENAFN - Arab News) Saudi Arabia is committed to creating a world-class environment for investors said Abdullatif A. Al-Othman governor of the Saudi Arabian General Investment Authority.'The smooth ...

 Jan 27 2015 - Israeli Navy Sinks Palestinian Fishing Boat in Gaza, Kidnaps 4 FishermenQatar News Agency
(MENAFN - QNA) A Palestinian fishing boat drowned after Israeli navy ships fired rounds of live ammunition at it in Palestinian waters, west of Gaza city. The soldiers also kidnapped four ...

 Jan 27 2015 - Iraqs Shiite militias killed 70 civilians after IS rollback: Sunni leadersArab News
(MENAFN - Arab News) BAGHDAD: Sunni politicians and tribal chiefs from Iraq's eastern Diyala province accused Shiite militias on Monday of killing more than 70 unarmed civilians who had fled clashes ...

 Jan 27 2015 - Saudi- Infrastructure investment to continueArab News
(MENAFN - Arab News) Heavy spending on infrastructure education training and job creation initiatives would continue under Custodian of the Two Holy Mosques King Salman an expert said here.Mazen ...

 Jan 27 2015 - Saudi- Courts have SR6bn backlog of finance casesArab News
(MENAFN - Arab News) The Ministry of Justice has called on judges to deal with lawsuits involving commercial papers and other financial instruments even if these documents do not have the prescribed ...

 Jan 27 2015 - Saudi- SCTA suspends ongoing tourism festivalsArab News
(MENAFN - Arab News) The Saudi Commission for Tourism and Antiquities (SCTA) has decided to suspend the ongoing and planned tourism festivals in the Kingdom to mark the death of King Abdullah who ...

 Jan 27 2015 - Stray bullet hits boy 5 in RiyadhArab News
(MENAFN - Arab News) A five-year-old boy is in intensive care at a hospital in Riyadh after being struck by a stray bullet which is now lodged in his skull.Sultan bin Berm bin Abdul Aziz is being ...

 Jan 27 2015 - Saudi- Crown Prince Muqrin 'saved my daughter'Arab News
(MENAFN - Arab News) A 60-year-old Madinah woman says Crown Prince Muqrin saved the life of her daughter when he was governor of the city.Umm Mohammed a resident of Al-Ais province in Madinah said ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help