2011 appears to be a robust year for the Philippines. As 2011 began, the country is poised for its strongest year of economic growth in 24 years.
Signs of economic growth have been evident in the past year and the beginning of this year. The Philippine economy grew at its fastest pace since the 1986 EDSA People Power Revolution. The stock market has risen steadily in recent months, lifting businesses’ confidence and consumers’ wealth, resulting to the economy’s sturdier legs.
The strong demand for Filipino workers in foreign countries also fueled the buoyant income growth. The economic growth that seemed tentative because of the El Niño and the diminished government spending last year became steady and deeply entrenched.
According to the report of the National Statistical Coordination Board (NSCB), the domestic economy sizzled to its highest annual GDP post Marcos era of 7.3 percent 2010 from 1.1 percent in 2009.
The global economic recovery which resulted in record growth rates of foreign trade and election related stimuli that combined for a record first semester growth, followed by the peaceful conduct of the national elections and the renewed trust in government contributed to an economic performance in 2010 that well surpassed the government’s target of 5.0 percent to 6.0 percent.
Many stocks within the consumer sector experienced their own “great-leap-forwards,” the recent forecast tells us that more investment opportunities are also still there to be had.
With the prevailing sanguine outlook of both business and consumers, the economic prospects for 2011 are indeed exciting. “We are moving in the right direction,” as economists would say.
The process of globalization accelerates and certain hindrances may still put a halt on the current progress in the economy the country is enjoying. Addressing poverty and corruption are still top priority issues that need to be dealt with. The Philippines should seize this opportunity to vigorously promote the overall development of the country.
It is easy to forget that it was not too long ago that the economy was shrinking and many feared that Philippines would be next to experience recession. But the country has made progress and there’s still plenty of progress to be made. The positive news for the local economy is a good start.
While signposts for the economic growth are generally in a positive outlook, plenty of risks remain and could undermine the country’s momentum. The pace of growth accelerated in the final months of 2010 should be emphasized through a continued wave of government efforts to boost the local economy to go further reduce the risk factors to this generally sunny forecast.
(www.asianjournal.com)
(Northern California Feb 4-10, 2011 Sec A pg. 6)
Back To Top