Philippine economy grows to 6.6% in 2012

The Philippine economy grew by 6.8 percent in the 4th quarter of 2012, bringing full year growth for 2012 to 6.6 percent which is higher than the government’s official target, the palace spokesman said.

Malacaniang spokesman Edwin Lacierda said the full-year figure growth of 6.6 percent is higher than the government’s official target of 5 to 6 percent.

“What is particularly important to note is that while growth was initially driven by government stimulus, it is now being increasingly driven by private sector activity, including investments which grew by 8.7 percent in 2012. This means growth is becoming more sustainable from a fiscal and macroeconomic perspective,” Lacierda said.

“Private sector activity has been enabled by the Aquino administration’s dedication to positive reform. Without doubt, good governance means good economics,” spokesman added.

The economy grew by 3.9 percent in 2011.

The country’s economy has been weighed down by government corruption and a turbulent democracy for decades and has been regarded as the sick man in Asia.

Pres. Benigno Aquino won by landslide in the 2012 elections on his platform of daang matuwid. He continued to enjoy high popularity as confidence rose to his efforts to fight corruption and arrest poverty.

Lacierda said that 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.

“The continued growth of our GDP is proof positive of our ability to sustain a united march forwards along the straight path toward 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.”#