Saksi: 1st quarter growth rate ng PHL, umakyat sa 7.8%.

Summary

The Philippines' economy experienced a 7.8% growth rate in the first quarter of the year, surpassing the growth of other Asian countries, including China. This increase was driven by construction, manufacturing, and remittances from Overseas Filipino Workers (OFWs). Despite this impressive growth, the country saw a drop in employment rankings. The Philippines rose five places in the World Competitiveness Report, reflecting improvements in business competitiveness. However, experts emphasize that job creation must accompany economic growth, particularly in the agricultural sector, to improve livelihoods and meet employment needs.

Takeaways

• 😀 The Philippines' growth rate reached 7.8% in the first quarter of the year, marking a significant economic achievement.
• 😀 The country's ranking improved by five places in terms of offering business opportunities, but it dropped in terms of job creation.
• 😀 The boom in construction and manufacturing, along with remittances from overseas Filipino workers (OFWs), contributed to the economic growth.
• 😀 The Philippines' 7.8% GDP growth rate in the first quarter of the year surpassed that of other countries in Asia, including China.
• 😀 This growth rate is the highest under the administration of President Aquino and surpasses the GDP growth rate of 2012.
• 😀 The Philippines is now ranked higher in the World Competitiveness Report, reflecting a competitive business environment.
• 😀 Key factors for the improved ranking include economic growth and sound business management.
• 😀 However, the Philippines still lags behind in government efficiency, which is crucial for future competitiveness.
• 😀 The government has issued Administrative Order 38 to form a task force to facilitate business operations in the country.
• 😀 Despite the economic growth, the Philippines' ranking in terms of employment dropped by seven places, indicating a lack of job creation.
• 😀 Economist Dr. Victor Abola suggests that job creation follows economic growth with a delay of at least 2 to 3 quarters.

Q & A

What was the GDP growth rate of the Philippines in the first quarter of the year?

The GDP growth rate of the Philippines in the first quarter of the year climbed to 7.8%.

How does the Philippines' GDP growth rate in the first quarter compare to the same period in 2012?

The GDP growth rate in the first quarter of this year is higher than the GDP growth rate in the same period in 2012.

What sectors contributed to the Philippines' economic growth in the first quarter?

The construction boom, manufacturing, and continued remittances from Overseas Filipino Workers (OFWs) contributed to the country's economic growth.

How did the Philippines perform in terms of business competitiveness?

The Philippines improved its ranking by five places in terms of business competitiveness, according to the International Institute for Management Development's World Competitiveness Report.

What factors influenced the Philippines' rise in business competitiveness rankings?

Economic growth and sound business management were key factors that influenced the rise in business competitiveness rankings.

In what area did the Philippines still face challenges, according to the report?

The Philippines still faces challenges in government efficiency, which is considered an important factor for competitiveness.

What has the Philippine government done to improve business competitiveness?

The Philippine government issued Administrative Order 38, which formed a task force to facilitate doing business in the country.

Why is government efficiency important for the future of the country's competitiveness?

Government efficiency is critical for future competitiveness as it affects foreign investment, trade, and the overall business environment.

What does Dr. Victor Abola say about the delay in job creation?

Dr. Victor Abola believes that job creation follows the rise of the economy, but it takes at least 2 to 3 quarters for the effects to be felt in terms of employment.

Why has the Philippines' ranking in terms of employment dropped despite economic growth?

The Philippines' ranking dropped in terms of employment because the economic growth has not been accompanied by significant job creation, especially in sectors like agriculture.