MANILA, Philippines – National Statistical Board secretary-general Jose Albert declared yesterday that the Philippine economy grew higher than expected with 6.6 percent in 2012 making it one of the best performing countries in Asia.
Albert said in an interview that the economy hit a 6.8 mark in the final quarter which is way above the 6.4 projected percentage for the said period. More so, the exact figure was higher than the targeted 5.0-6.0 percent growth.
Moreover, Albert stated that the end of 2012 was driven by businesses, real estate, services and manufacturing industries.
On the other hand, Arsenio Balisacan, socioeconomic planning secretary, said that the private sectors were the strong driving force to the success of the Philippine economy for the year 2012.
“More than anything, we should really thank the private sector and the general public for trusting us and increasing their stake in the economy,” Balisacan said.
He also recognized the importance of the remittances in the economic growth path from over 10 million Overseas Filipino Workers.
Meanwhile, the Malacañang also acknowledged what the private sectors have done for the country and its increasing role in the economy.
In a press briefing, Presidential spokesman Edwin Lacierda said that even if the growth was initially driven by the government stimulus, the activities conducted by the private sector including investments force such growth to increase.
“This means growth is becoming more sustainable from a fiscal and macroeconomic perspective. Private sector activity has been enabled by the Aquino administration’s dedication to positive reform. Without a doubt, good governance means good economics,” Lacierda stated.
“The administration’s vision for the economy has always been to ignite a virtuous cycle of growth and empowerment, to enable business and enterprise to flourish, to open doors of opportunity for each citizen and to invest in them so that they can truly take hold of their own destinies,” Lacierda added.
He also stated that last year’s economic success was a living proof of the Filipinos ability to unitedly move forward along the straight path to achieve equitable progress.
“Rest assured that while our administration is encouraged by these successes, we will continue to work even harder to maintain our economy’s upward trajectory,” Lacierda noted.