Philippine economy expands by 7.2pc in 2013, despite natural disasters
Manila says economy grew 6.5 per cent in final quarter of last year, capping a year-long rise of 7.2 per cent
The Philippine economy was one of the fastest-growing in Asia last year after shrugging off devastating natural disasters and expanding at a “remarkable” pace in the final quarter, the government said in Manila on Thursday.
The economy grew by 6.5 per cent in the last three months of the year even as a super typhoon claimed thousands of lives and an earthquake struck popular tourist islands, Economic Planning Secretary Arsenio Balisacan told reporters.
“This is a remarkable turnout,” Balisacan said, as he emphasised the final quarter expansion was expected to be the fastest in the Asia-Pacific after China, which recorded annual GDP growth of 7.7 per cent last year.
Growth for all of last year was 7.2 per cent, the fastest since President Benigno Aquino came to power in 2010 and exceeding the government target of 6.0-7.0 per cent.
The government said the main drivers of growth were in the manufacturing, trade, real estate and finance sectors, while hailing the performance as further proof of Aquino’s economic stewardship.
The Philippines endures relentless natural disasters because it is located along a typhoon belt and the so-called Ring of Fire, a vast Pacific Ocean region where many of Earth’s quakes and volcanic eruptions occur.
