MANILA (Mindanao Examiner / Nov. 28, 2012) – Presidential Spokesman Edwin Lacierda said the Philippine economy grew by 7.1% in the third quarter this year and bested other Southeast Asian economies.
“Among our neighbors, the country’s GDP growth was higher than Indonesia’s 6.2%, Malaysia’s 5.2%, Vietnam’s 4.7%, Thailand’s 3.0%, and Singapore’s 0.3%. This impressive expansion from 3.2% in the same quarter last year, places the country’s 9-month growth rate at 6.5% and on track to surpass the 5-6% full year growth target set by the National Economic Development Authority,” Lacierda said in a statement sent to the Mindanao Examiner.
He said the local economy has shown both resilience and resurgence despite the global economic slowdown. And this was made possible, Lacierda said, due to sustained confidence in the leadership of President Benigno Aquino.
He said the government also pushed to ensure the economic growth is felt by the broadest number of people.
“Within the same 9-month period, the Aquino administration has enrolled more than three million beneficiaries under the Conditional Cash Transfer program and has distributed P20 billion for this priority social investment,” Lacierda said, adding “on top of this, spending for public health has also increased resulting in an expansion of health care safety nets and improvements in hospitals and health centers all over the country.”
He said the equitable and inclusive growth is a commitment of the Aquino administration that has prioritized the establishment of both social and physical infrastructure which continues to redound to a more robust economy for the benefit of all Filipinos.
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