THE Philippine economy is on the upswing and the numbers say it all.
In the first three months, the country’s economy expanded by 7.8 percent, exceeding market expectations to become Asia’s fastest growing economy.
The vibrant tourism industry and real estate market; and the Aquino administration’s pursuit of “Daang Matuwid” have all contributed to this remarkable outcome.
Aside from the notable market growth, the country also received rating upgrade from the three major debt. Fitch Ratings and Standard & Poor’s Ratings Agency (S&P) have upgraded it to an investment grade economy, while Moody’s placed it just a notch below investment grade.
These positive reports on the nation’s current market performance are now shared by its people, resulting in high optimism among Filipinos.
According to the recent survey of the Social Weather Stations (SWS), 39 percent expect their lives to improve in the next 12 months, compared to the 6 percent who believe otherwise.
Meanwhile, 35 percent of the respondents are optimistic that the economy would improve this year.
According to Inquirer.net, the nationwide poll also saw positive sentiments in terms of “gainers” and “losers” — with 24 percent saying their lives improved in the past year.
Malacañang welcomed this “positive attitude towards government efforts to ensure inclusive and sustainable growth.”
“The results tend to reflect that government is not alone in appreciating the good numbers we’ve been seeing,” Deputy Presidential Spokesperson Abigail F. Valte said.
The recent SWS results coincide with earlier reports by Nielsen Holdings that Filipino consumers are the most optimistic in the ASEAN and the second most globally, after India.
According to the market research firm, consumer confidence in the Philippines was at 119 in the fourth quarter of last year, just below India’s 121. An index of more than 101 indicates optimism while an index of 100 indicates pessimism.
“While consumers around the world struggled with increasing economic concerns, consumers in Philippines continue to have a positive outlook. This optimism can be attributed to the strong performance of the economy in 2012 which was driven by the real estate, construction, manufacturing, services, and trade sectors,” Nielsen Philippines Managing Director Stuart Jamieson said.
These numbers are indicators used to measure how the general populace feels about the economy and about their own situation. If the consumers are happy, the economy will keep growing.
While economic performance and growth can be erratic, this new level of confidence from Filipinos is enough to show where the Philippine economy is headed. Judging by the numbers of this recent survey, it must be heading somewhere good.
(AJPress)
