PHL GDP POSTS AT 7.2% IN 2013

JANUARY 30 -The Philippines’ full year Gross Domestic Product (GDP) in 2013 grew by 7.2 percent, higher than the government’s expectations of 6 percent to 7 percent and despite several challenges that strained the economy last year. Socioeconomic Planning Secretary Arsenio Balicasan on Thursday announced that the increase was fueled by the industry and service sectors, service exports, and other services in education, health and social work. Photo shows part of the skyline of Makati, the country’s major financial district which is home to top companies that help pull the economy forward. The Philippine economy grew by 6.5 percent in the fourth quarter of 2013, which makes the Philippines as one of the best performing economies in the Asian region in the said period, second to China with 7.7 percent growth. (Photo by Jacqueline Hernandez)

ALSO: Philippine GDP Growth Forecast Cut For 2013, Typhoon Haiyan Rebuilding Efforts To Give 2014 An Economic Boost

NOVEMBER 25, 2013- Economists are starting to cut their 2013 growth forecast for the Philippines after seeing more details of the damage Typhoon Haiyan caused when it swept through the center of the country more than two weeks ago. However, economic impact will likely be manageable and the Southeast Asia's rising economic star will enjoy a V-shaped recovery when restriction efforts begin in earnest in 2014. The Philippines is scheduled to release third-quarter gross domestic product data on Wednesday, Nov. 27. The latest monthly activity data suggest that the Philippines economy was in fairly good shape before Typhoon Haiyan hit in early November. Capital Economics predicts third-quarter GDP growth of around 7.5 percent.

ALSO: Is Year of the Wooden Horse 'lucky' for business?

The Year of the Wooden Horse is a good year to start a business, feng shui expert Master Hanz Cua told ANC’s “On The Money.” Cua said several businesses will thrive in 2014 due to the “fire element.” These businesses include those that are food-related, cooking schools, cooking shows, IT, gadget shops, and finance. “Ang Year of the Wooden Horse signifies a lot of business opportunities this year. Maganda ang year na ito para mag-open ng business pero still, our own hardwork and determination, importante pa din,” Cua said. Cua said those born on the Year of the Rat (1948, 1960, 1972, 1984, 1996, 2008) should keep their money in the bank in 2014. He warned them that backstabbing and investment losses may occur this year. He also said that those born on the Year of the Rat should be careful in signing contracts. This year will be a “very strong money luck year” for those born on the Year of the Ox (1949, 1961, 1973, 1985, 1997, 2009), Cua said.


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Philippines’ GDP growth at 7.2% in 2013


Photo shows part of the skyline of Makati, the country’s major financial district which is home to top companies that help pull the economy forward. The Philippine economy grew by 6.5 percent in the fourth quarter of 2013, which makes the Philippines as one of the best performing economies in the Asian region in the said period, second to China with 7.7 percent growth. (Photo by Jacqueline Hernandez)

MANILA, FEBRUARY 3, 2014 (MANILA BULLETIN)by Ron B. Lopez - The Philippines’ full year Gross Domestic Product (GDP) in 2013 grew by 7.2 percent, higher than the government’s expectations of 6 percent to 7 percent and despite several challenges that strained the economy last year.

Socioeconomic Planning Secretary Arsenio Balicasan on Thursday announced that the increase was fueled by the industry and service sectors, service exports, and other services in education, health and social work.

In a televised press conference at the Philippine Statistics Authority in Makati City, Balicasan said the economy grew by 6.5 percent in the fourth quarter of 2013, which makes the Philippines as one of the best performing economies in the Asian region in the said period, second to China with 7.7 percent growth.

Balicasan, who is also director-general of the National Economic and Development Authority (NEDA), admitted that the man-made and natural calamities that successively struck the country last year have affected the full year growth, but stressed that economy remains strong throughout the year.

“Indeed, growth could have been better, had we not been perturbed by various disasters that hit the country such as the Bohol earthquake, the Zamboanga siege and super typhoon Yolanda,” he said.

Yolanda caused multi-billion-peso damage to infrastructure and agriculture in the Visayas, effectively paralyzing the region’s economic activity.

Balicasan reported that agriculture only represents 0.1 percentage point in the real GDP. This could be due to the effects of the destructive typhoons last year which have severely affected the agricultural supply in Visayas.

The typhoons are also seen as the main reason for the lower growth in household spending at 5.6 percent during the fourth quarter last year as the natural calamities caused “supply shocks” that resulted in higher consumer prices.

Balicasan expects the agriculture and industry sectors to be “vibrant” this year if the two work closer.

Meanwhile, services sector has contributed to 3.6 percent of the real GDP growth in the last quarter of 2013, followed by the industry sector with 2.8 percent. The sectors of manufacturing, trade, finance, and real estate have also helped drive the supply side of the economy, Balicasan added.

The strong demand for communications, land and air transportation, drove a 6.5 percent growth in services sector. The need for storage and services incidental to transport also contributed to the growth.

“Increased air traffic in Q4 2013 was due to the additional flights and destinations of the country’s leading airlines, and number of passengers and cargo for tourism and for relief operations after super typhoon Yolanda,” he said.

Balicasan noted that construction sector had the biggest setback in the fourth quarter, with only 0.8 percent growth due to stricter rules imposed on real estate lending.

“Overall, however, the fourth quarter and full-year 2013 real GDP growth has surpassed the expectations of both the public and private sectors,” he said.

Balicasan said the government is optimistic that the Philippine economy will remain strong in 2014 especially that the outlook on the global economy is becoming more favorable and as the domestic economy remains robust.

He said the the International Monetary Fund and the World Bank have higher growth expectations for the global economy in the coming year, with IMF seeing global activity growing by 3.7 percent in 2014 and 3.9 percent in 2015.

Moreover, the World Bank projects the growth at 3.2 percent in 2014 and 3.4 percent in 2015.

FROM THE INT'L BUSINESS TIMES EARLIER REPORT

Philippine GDP Growth Forecast Cut For 2013, Typhoon Haiyan Rebuilding Efforts To Give 2014 An Economic Boost By Moran Zhang on November 25 2013 12:23 PM


Philippines Survivors of Typhoon Haiyan carry materials to fix their house in Tacloban City November 25, 2013. REUTERS/Athit Perawongmetha

Economists are starting to cut their 2013 growth forecast for the Philippines after seeing more details of the damage Typhoon Haiyan caused when it swept through the center of the country more than two weeks ago.

However, economic impact will likely be manageable and the Southeast Asia's rising economic star will enjoy a V-shaped recovery when restriction efforts begin in earnest in 2014.

The Philippines is scheduled to release third-quarter gross domestic product data on Wednesday, Nov. 27.

The latest monthly activity data suggest that the Philippines economy was in fairly good shape before Typhoon Haiyan hit in early November. Capital Economics predicts third-quarter GDP growth of around 7.5 percent.

Super Typhoon Haiyan is the strongest recorded storm ever to make landfall, and the deadliest typhoon to hit the Philippines in recent history.

The official death toll stands at 5,235, according to the National Disaster Risk Reduction and Management Council (NDRRMC). More than 4.2 million people have been displaced by the typhoon, and 347,426 are living in shelters. Haiyan surpassed Tropical Storm Thelma, which killed 5,100 people in 1991 in Ormoc City, in Leyte province.

There are a number of channels through which natural disasters can affect GDP growth. In the short term, the main impact will be through disruption of production, commerce and supply chains. As the worst of the disruption passes, there is usually a rebound, helped by the release of pent-up demand. Reconstruction efforts normally follow, which can provide a medium-term boost to GDP growth, according to Daniel Martin of Capital Economics.

FROM ABS-CBN BUSINESS NEWS

Is Year of the Wooden Horse 'lucky' for business? by Jon Carlos Rodriguez, ABS-CBNnews.com Posted at 01/30/2014 7:05 PM | Updated as of 01/30/2014 9:45 PM

MANILA, Philippines – The Year of the Wooden Horse is a good year to start a business, feng shui expert Master Hanz Cua told ANC’s “On The Money.”

Cua said several businesses will thrive in 2014 due to the “fire element.”

These businesses include those that are food-related, cooking schools, cooking shows, IT, gadget shops, and finance.

“Ang Year of the Wooden Horse signifies a lot of business opportunities this year. Maganda ang year na ito para mag-open ng business pero still, our own hardwork and determination, importante pa din,” Cua said.

Cua said those born on the Year of the Rat (1948, 1960, 1972, 1984, 1996, 2008) should keep their money in the bank in 2014.

He warned them that backstabbing and investment losses may occur this year. He also said that those born on the Year of the Rat should be careful in signing contracts.

This year will be a “very strong money luck year” for those born on the Year of the Ox (1949, 1961, 1973, 1985, 1997, 2009), Cua said.

He added that 2014 is good year for them to take a chance on a lottery ticket.

Those born on the Year of the Tiger (1950, 1962, 1974, 1986, 1998, 2010) should watch over their personal belongings, continue studies to get a promotion, and avoid being a guarantor.

Cua said they should also manage mood swings as it may result to potential lawsuits.

There is also a possibility of a theft and robbery incident for those born on these years, Cua warned.

It is a good year to invest in property for those born on the Year of the Rabbit (1951, 1963, 1975, 1987, 1999 and 2011), according to Cua.

However, he said that greed may lead to unwanted involvement in a scam.

For those born on the Year of the Dragon (1940, 1952, 1964, 1976, 1988, 2000, 2012), there is a potential backstabbing from a business partner, warned Cua.

He advised them to expand business, expect a potential promotion, and make sure all paperwork of business is in check.

Those born on the Year of the Snake (1941, 1953, 1965, 1977, 1989, 2001, 2013), meanwhile, will see great business opportunities and solid partnerships due to strong mentor luck in 2014.

Seek out good business collaboration is Cua’s advice for those born on the Year of the Horse (1942, 1954, 1966, 1978, 1990, 2002, 2014).

They are also advised to lay low this year and do not rush into things.

Cua said those born on the Year of the Sheep (1943, 1955, 1967, 1979, 1991, 2003) is the luckiest in 2014 as there are great business opportunities, potential business expansion, and probable promotion.

Possible lawsuits, on the other hand, await those born on the Year of the Monkey (1944, 1956, 1968, 1980, 1992, 2004).

For those born on the Year of the Rooster (1945, 1957, 1969, 1981, 1993, 2005), Cua said to lie low, be careful with the words you say, and be hands on in your chosen business venture.

Cua said there is potential backstabbing from a trusted mentor for those born on the Year of the Dog (1946, 1958, 1970, 1982, 1994, 2006), but he said there are also great business opportunities and solid partnerships due to strong mentor luck this year.

He warned, however, that they should be careful with what the mentor expects in return of the help that was given.

For those born on the Year of the Pig (1947, 1959, 1971, 1983, 1995, 2007), Cua said to be wary in choosing investments and watch out for betrayal.

“Dapat siguraduhin nila ‘yung investment na papasukin nila ay alam nila,” he said.


Chief News Editor: Sol Jose Vanzi

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