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Philippine economy grows at fastest pace in six years
by Francisco Alcuaz Jr.

Bloomberg    Translate This Article
31 May 2007

On 31 May 2007 Bloomberg reported: The National Statistical Coordination Board of the Philippines announced 31 May that the country's $117 billion economy expanded 6.9 per cent from a year ago. Global Good News service views this news as a sign of rising positivity in the field of business, documenting the growth of life-supporting, evolutionary trends.

Bloomberg reported, 'The Philippine economy grew in the first quarter at the fastest pace in more than six years, exceeding all estimates, as money sent home by nationals working abroad buoyed consumer spending and exports to China soared.'

Bloomberg quoted Luz Lorenzo, an economist at ATR-Kim Eng Capital Partners Inc. in Manila, as saying, 'It's mostly private consumption. Remittances are a significant portion. You also have low inflation and interest rates and a strong peso is good for consumption. People can buy more.'

Bloomberg reported that Lorenzo also commented investment is starting to increase. The US company Texas Instruments is planning to spend $1 billion over 10 years to expand its chip-making operations in the Philippines.

Bloomberg reported, 'Philippine businesses are likely to do better this quarter than the first, according to a central bank survey of companies. About 31 percent said they planned to expand, the central bank said May 25, citing a survey taken April 10 to May 8.'

Bloomberg quoted President Gloria Arroyo as saying, 'The Philippines is on a roll.'

The article noted, 'One in ten Filipinos works overseas, with the funds they send home to their families fuelling purchases of fast food, mobile phones and new homes.'

Bloomberg said, 'Overseas sales, which make up as much as two-fifths of the Philippine economy, increased 13 percent in the first quarter from a year earlier.. . . Shipments to China surged 46 percent.'

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