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

 

As Health Needs Rise In Somalia, Funding Hits New Low

As health needs rise in Somalia, funding hits new low, cutting off 1.5 million from care – UN More>>

Need To End Violence Against Children In Conflict

‘We should be outraged’ more not being done to end violence against children in conflict – UNICEF chief More>>

On Mandela Day, UN Joins Call To Promote Community Service

Nelson Mandela, then Deputy President of the African National Congress of South Africa, raises his fist in the air while addressing the Special Committee Against Apartheid in the General Assembly Hall. UN Photo/P. Sudhakaran More>>

Some $3.2 Billion Needed For Ebola Recovery Efforts

Some $3.2 billion needed for Ebola recovery efforts in Guinea, Liberia and Sierra Leone – UN More>>

World Day: UN Spotlights Plight Of Vulnerable Populalations

Syrian refugees fleeing the fighting near the Syrian city of Kobani wait in a holding area before boarding buses in Turkey (September 2014). Photo: UNHCR /I. Prickett More>>

Afghanisatan: Direct Talks Between Government And Taliban

The United Nations Security Council has welcomed the recently held direct talks between Afghan Government and Taliban representatives as a step towards “peace and reconciliation” in the region. More>>

Eradicating World Hunger By 2030

Agriculture workers collect carrots on a farm in Chimaltenango, Guatemala. Photo: World Bank/Maria Fleischmann More>>

Bangladesh: Flood Leads To UN Agency Providing Food Relief

Anwar Hossain unloads cartons of High Energy Biscuits from a pickup truck and transfers them to a distribution center in Kawar Khop union, Ramu upazila, Cox’s Bazar, Bangladesh. Photo: WFP/Kamrul Mithon More>>

Ban Says World Must Act Now To Curb Climate Change

Alarmed by melting glacier in Norway, Ban says world must 'act now' to curb climate change More>>

UN Spotlights Data And Technology As Key To Sustainability

The importance of quality data and cutting edge information communication technologies (ICTs) is increasingly critical to the shaping of the future sustainable development agenda, the head of the United Nations Development Programme ( UNDP ) confirmed today. More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news