MANILA, Philippines–The country’s top officials are optimistic that the Philippine economy would grow 5 to 6 percent in terms of gross domestic production (GDP) for 2012.
Socioeconomic Planning Sec. Cayetano W. Paderanga Jr. told reporters on the sidelines of the 45th ADB Governors’ Annual Meeting (Manila 2012) that government’s expenditure program is getting on track and economic indicators are looking “good.”
Public Works Sec. Rogelio Singson said “strong spending” and government’s “strong resolve on good governance” ensure that spending is done efficiently.
Both officials also cited business confidence and “strong
international support” for the Philippines.
international support” for the Philippines.
In early 2011, slow government spending and sluggish global trade resulted in 4.6 percent GDP growth in the first quarter of 2011.
Manufacturing and other services, real estate, renting and business activities, and the recovery of agriculture drove economic activity in the first quarter of 2011. Increased investments in fixed capital and household spending also helped offset some of the slowdown.
Manufacturing and other services, real estate, renting and business activities, and the recovery of agriculture drove economic activity in the first quarter of 2011. Increased investments in fixed capital and household spending also helped offset some of the slowdown.
The domestic economy must grow by an average of 7 to 8 percent annually to generate enough employment and income opportunities for a larger number of Filipinos, according to the Philippine Development Plan 2010-2016. In 2011, contraction in the electronics-heavy Philippine exports pulled down services and other growth drivers.
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As I was heading home, I saw a beggar approaching a man and asked for money. The man replied, "wala jud koy mahatag nong kay nagpait pud ko..." Soon, I began to wonder, will that scenario never gonna be eradicated or at least be alleviated in our society? I guess that's impossible, if not , very difficult to achieve because every country, either it's a first-world country, second-world country, or a third-world country has that kind of situation.
As we all know, our country is facing numerous issues, whether social, political, economic, environmental, you name it. And the scenario aforementioned above is just one of its ill effects. That is why, when I read this article, I felt glad, although not quite, because of the expected economic growth. I just really hope that the governance and spending had been done efficiently and responsibly so that such prevision will occur and exceed the expected growth rate.
However, this would not be a "good news" for everybody because in my opinion, a 5-6% growth in our economy cannot feed millions of Filipinos who are struggling because of hunger, nor it can build hundreds of shelter for homeless people. Maybe some will gain benefit out from it, but I have to say that it is not enough because of these two words--OVERALL WELFARE.
