August 29, 2013

Philippine Economy grew by 7.5% in 2nd quarter, Poverty still a concern, Peso unchanged

The Philippine economy, measured in terms of gross domestic product (GDP), grew by 7.5 percent in the second quarter from a year ago, increasing  the  chance of exceeding the government’s official full-year growth target of 6 to 7 percent.

The economy’s performance in the second quarter of the year brought the average growth rate in the first semester to 7.6 percent, even after a revision was made in the first quarter GDP expansion to 7.7 percent from the previous 7.8 percent.

In the second quarter, the services sector, which includes business process outsourcing (BPO) firms, grew by 7.4 percent. According to latest official data, poverty incidence in the country  stood at 27.9 percent in the first semester of 2012—still one of the highest in Asia.

This was just slightly lower than the 28.6 percent of the population considered poor in 2009, even though the economy maintained a healthy growth track from 2009 to 2012. The peso closed flat at 44.75 per $1. - WealthSec