Youthful population boosts PH growth

MANILA, Philippines – 29-year-old Joey Santos is a veteran DJ in the Manila.

He started his own music studio when he was 21 but had to work 3 jobs to support himself and his music.

In recent years, his studio’s business picked up. He was able to quit his office job and pursue music full time.

These days he makes about 70 to 80 thousand pesos a month.

I think the first thing that you feel whenever you sense economic growth in a country is the openness in terms of the audience’s listening. I think if people can purchase better equipment, better avenues for listening to the arts and better outlets for viewing them, i think that plays a big part in forming the mass consciousness of everything.

JOSE LUIS T. SANTOS

STUDIO MANAGER LOVE ONE ANOTHER SOUND PRODUCTION

Young people like Joey are good for the Philippine economy. You don’t have to look far to see them spending, pumping money into the country.

That 15, 18 to 60 age group if you see that growing faster than say the below 15 years old you have what the demographers call a demographic dividend and that’s when the economy can grow fast. You have a labor force that is growing rapidly.

ARSENIO M. BALISACAN

SOCIO-ECONOMIC PLANNING SECRETARY

The Philippines is now one of the fastest growing economies in the region.

End of August, the government adds another positive chapter to its growth story, announcing a positive 5.9% growth from April to June.

The service sector, like tourism and outsourcing – was a main driver of growth.

Flush with money, Filipinos spent. Household spending made up more than 60% of gross domestic product in the 2nd quarter.

Another rising source of growth was construction, which was fueled by government spending.

Global analysts are taking notice. They are saying the country is no longer a joke. It’s now the strongest performing economy in Asia and a bright spot in the region.

But there are some dark clouds on the horizon.

The ‘piso’ (peso) may be getting too strong which shrinks the value of remittances, a vital source of consumer spending.

Mimi says her husband’s salary as a singer on a cruise ship has halved over the years as the dollar got weaker.
Money got so tight, she pulled her daughter out of private school.

For me, whose husband is not here and working abroad it’s not good news that the economy is doing well.
MIMI PINEDA
HOUSEWIFE

Another cause of concern is the Agriculture sector which added a minimal 0.1% to GDP. Fisheries suffered a slump because of a temporary ban to alleviate overfishing.

The government says the biggest external threats to the economy are disasters and weather phenomena like El Niño.

But despite the drawbacks, the economy, like these shoppers, doesn’t seem to be slowing down.

The economy has more momentum than it’s had in a long time, the question is if the country can seize the day and keep up the good growth.

Katherine Visconti, Rappler, Manila. – Rappler.com