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

 

Ban Condemns Killing Of Former Lesotho Military Commander

United Nations Secretary-General today condemned the killing of Lt. Gen. Maaparankoe Mahao, former Commander of the Lesotho Defence Force, on 25 June, near Maseru. More>>

Ban Welcomes US Supreme Court Ruling On Same-Sex Marriage

Ban welcomes US Supreme Court ruling guaranteeing right to same-sex marriage Lesbian, Gay, Bisexual, Transgender and Intersex (LGBTI) pride march. Photo: OHCHR/Joseph Smida More>>

UN Agency Welcomes EU Measures On Refugee Arrivals

Afghan refugees in front of the abandoned hotel Captain Elias on Kos Island, Greece, where hundreds of refugees and migrants are waiting for their registration. Photo: UNHCR/J. Akkash More>>

Increase In Voluntary Blood Donors Can Save Millions Of Lives

Increase in voluntary blood donors can save millions of lives, UN health agency says on World Day More>>

Kenya: Funding Shortage Means Food Cut To 500,000 Refugees

Funding shortage forces UN agency to temporarily cut food aid to 500,000 refugees in Kenya More>>

UN Launches Education Appeal In Fight Against Child Labour

12 June 2015 – The United Nations has announced it is marking the 2015 edition of the World Day Against Child Labour with a call for the international community to invest in quality education as a key step in the fight against child employment ... More>>

Pope Francis & UN Agency On Sustainability Of Agriculture

Pope Francis (centre) with delegates to the 39th FAO Conference during a special audience at the Vatican. Photo: FAO More>>

South Sudan: Call For De-Escalation Of In-Country Conflict

Women and children have suffered devastating attacks in South Sudan’s Unity State. Photo: UNICEF/South Sudan/Sebastian Rich More>>

Burundi: Emergency Support To Refugees Fleeing Burundi Crisis

Burundians fleeing pre-election violence rest on the shores of Lake Tanganyika in the Democratic Republic of Congo after a gruelling 22-hour boat journey. More than 100,000 Burundians have fled over the past month, arriving in Tanzania, Rwanda and ... More>>

Afghanistan: Commitment To Advancing Women's Rights

While the outgoing senior United Nations rights official in Afghanistan said she expected the human rights advances made “will be sustained, will not be rolled back, and will not be sacrificed,” she lamented the high level of violence against ... More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news