The Philippine economy is expected to have grown by more than 7 percent in the third quarter of the year compared with the same period last year, the government’s chief economist said yesterday.
Arsenio Balisacan, director general of the National Economic and Development Authority, told reporters that a combination of higher investments and strong household consumption were the mostly likely factors for the expansion.
GDP growth was 7.7 percent in the first quarter and 7.5 percent in the second quarter, bringing the average expansion rate for the first half of the year to 7.6 percent.
The Philippines’ growth rate in the first half was the same as that of China and was the highest in Asia.
The Philippine government has set the official growth target for the full year at between 6 and 7 percent.
CENTRAL Visayas
In Cebu City, Fernando Silvoza, acting Bangko Sentral ng Pilipinas (BSP) deputy director, said he’s optimistic of economic growth in Central Visayas despite the low employment rate in the region.
Silvoza said the service industry in the region will continue to drive its economy and keep it robust.
“The regional economic situation in Central Visayas is healthy,” Silvoza told Cebu Daily News.
He cited the business expectation surveys, which show investment in Central Visayas moving on a positive level.
educated workforce
He also said that the region’s educated workforce is a factor in improving the efficiency of operations of investor firms in the region; thereby, boosting economic growth.
“The economy is moving on a certain level that it doesn’t need a lot of people. The labor force is highly educated and skilled so there’s no need for more preparations,” Silvoza said.
Silvoza also suggested that those not working in the service sector can find opportunities in other sectors like agriculture. /INQUIRER with Correspondent Christine L. Pantaleon