Damage caused by natural disasters and falling public spending havepushed the economic growth of the Philippines down to 5.3 percent in thethird quarter of 2014, the lowest level in three years, according tothe Philippine Statistic Authority (PSA).
Philippine EconomicPlanning Secretary Arsenio Balisacan attributed typhoon damage and weakperformance in some key sectors to the slowed GDP growth. However, hesaid that the country’s performance ranked fourth in Asia, followed byChina, Vietnam and Malaysia.
With a modest growth of 5.8percent in the first nine months, the Philippines is likely to failto meet the yearly target of 6.5-7.5 percent, he said.
Balisacancriticised the prolonged negative impacts of super typhoon Haiyan aswell as the delay of the government post-typhoon reconstructionprogramme in devastated areas.
However, he still expressed hisoptimism on the economy, saying that the export turnover rose sharply inthe third quarter thanks to the support of the global manufacturingindustry’s recovery, boosting the country’s key exports ofsemiconductors, wiring harnesses and garments.-VNA
Philippine EconomicPlanning Secretary Arsenio Balisacan attributed typhoon damage and weakperformance in some key sectors to the slowed GDP growth. However, hesaid that the country’s performance ranked fourth in Asia, followed byChina, Vietnam and Malaysia.
With a modest growth of 5.8percent in the first nine months, the Philippines is likely to failto meet the yearly target of 6.5-7.5 percent, he said.
Balisacancriticised the prolonged negative impacts of super typhoon Haiyan aswell as the delay of the government post-typhoon reconstructionprogramme in devastated areas.
However, he still expressed hisoptimism on the economy, saying that the export turnover rose sharply inthe third quarter thanks to the support of the global manufacturingindustry’s recovery, boosting the country’s key exports ofsemiconductors, wiring harnesses and garments.-VNA
