World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Philippines Growth Strong But More and Better Jobs Required

Philippines Growth Strong But More and Better Jobs Required

Manila, Philippines, 9 April 2013 – The Philippine economy is expected to sustain strong growth in 2013 and 2014, with inflation within the policy target, but the challenge is to make growth more inclusive by stimulating employment, says a new Asian Development Bank (ADB) report.

“Governance reforms and prudent macroeconomic management have laid the foundation for strong growth. The recent investment grade rating affirms the improved macroeconomic fundamentals and investment environment,” said Neeraj Jain, ADB's Country Director for the Philippines. “A stronger industrial base is vital for increasing jobs, and will help make growth more inclusive and sustainable.”

In its flagship annual economic publication, Asian Development Outlook 2013 (ADO 2013), released today, ADB projects annual gross domestic product (GDP) growth for the Philippines of 6% for 2013 and 2014, down slightly from 6.6% in 2012. Upbeat business and consumer sentiment will boost growth. Fiscal spending will remain robust, along with construction activity, driven by the still strong demand for housing and office space.

The 2012 expansion was driven by robust private consumption, a rebound in government spending, and increased investment. Exports also picked up. The services sector was a key growth area. Inflation eased to a five-year low of 3.2%, but is likely to edge up to 3.6% in 2013 on increased consumption and a rise in excise taxes on alcohol and tobacco.

Persistently high levels of unemployment and underemployment, with the latter at 20% of the labor force in 2012, remain a key concern. Continuous deployment of oversea workers masks the severity of the unemployment problem.

Reviving the industrial/manufacturing sector, where the Philippines has lagged most other larger countries in Southeast Asia, is critical, the report says. This will require a stronger push by policymakers to improve infrastructure and the business environment to encourage manufacturers to locate in the country.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2012, ADB assistance totaled $21.6 billion, including cofinancing of $8.3 billion.

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Breaking: Israel Shelling Beit Hanoun Hospital

The Israeli military have started to shell and shoot at Beit Hanoun hospital. There are still 61 medical staff and civilians, three patients and two International Solidarity Movement volunteers trapped inside. More>>

UN: Urgent Action To End Female Genital Mutilation UN: Urgent Action To End Female Genital Mutilation

New UN data shows need for urgent action to end female genital mutilation, child marriage More>>

World News: SRI LANKA: Justice Denied To Two Child Victims Of Rape
There have been reports of an alleged abduction and rape of an eleven-year-old girl by a group of Navy officers, and of another nine-year-old girl treated in a similar manner. More>>

‘Global Epidemic’ Of Anti-Semitism NGO Urges UN To Condemn ‘global Epidemic’ Of Anti-Semitism

French riot police officers face rioters in Sarcelles, a suburb north of Paris, on July 20, 2014. More>>


IDF Falsifies Photograph To Justify Bombing El-Wafa Hospital IDF Falsifies Photograph To Justify Bombing El-Wafa Hospital

On the 21st July at 2:17 PM, the IDF spokesperson released an image on twitter showing an aerial picture of a building marked as ‘Al-Wafa’ hospital. In the image there is a red circle, which they designated as the location from which a M75 rocket was ... More>>

MH17: Black Boxes Recovered by Malaysian Government

'Following the agreement Prime Minister Najib Razak brokered with rebel leaders, Malaysia has taken custody of flight MH17's black boxes. As the Prime Minister said, they will be passed to the international investigation team for analysis. More>>

ALSO:


Gaza Update On 15th Day Of The Israeli Offensive

Dozens of Palestinian Civilians Killed or Wounded as Israeli Forces Attack Apartment Buildings, Mosques, Hospitals and Schools; White Phosphorous Bombs and Flechette Shells Fired by Israeli Forces in Border Areas... More>>

Al Jazeera: Egypt Verdict Defies Logic And Any Semblance Of Justice

Following today’s verdict in Cairo, Al Jazeera English managing director Al Anstey said: “Today three colleagues and friends were sentenced, and will continue behind bars for doing a brilliant job of being great journalists. More>>


Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news