Reforms, good economic agenda pushing PHL's GDP growth: Salceda

By Marlon A. Loterte

Tuesday 5th of June 2012

LEGAZPI CITY, June 5 (PIA) -- Albay Governor Joey Salceda said that the country's 6.4-percent gross domestic product (GDP) in the first quarter was principally driven by net exports, overseas Filipino workers' remittances, and household spending.

The economic momentum on the supply side was driven by an agriculture turnaround of +2.4 percent after two quarters of decline.

He, however, said industry slowed down to 2.2 percent from 3.3 in the previous quarter but the services sector recovered and jumped two folds by 2.6 percent from 1.3 percent.

On the demand side, the growth came mainly from net exports and the robust household spending, he said.

Salceda validated the National Statistical Coordination Board’s 1st Quarter report, claiming that GDP rose this quarter by 6.4 percent compared to the 4.9 percent growth last year.

Romulo Virola, NSCB Secretary General, in a press statement, said the country’s economy is moving in a high gear after four quarters of lackluster performance last year.

The Philippine economy is off to a rousing start in the year of the “water dragon,” with a growth rate of 6.4 percent in the first quarter of this year, a 1.5 percent leap from last year, he said.

The NSCB report claimed that on a seasonally adjusted basis, GDP gained momentum, growing by 2.5 percent in the first quarter of this year while the gross national income (GNI) grew by a slower pace of 1.3 percent.

With projected population reaching 95.2 million, per capita GDP grew by 6.4 percent while per capita GNI grew by 4 percent and per capita of Household Final Consumption Expenditures grew by 4.9 percent, the report said. (MAL/MSA-PIA V/Albay)