IMF says PHL Q1 output grew 6%

Published by rudy Date posted on May 22, 2013

The Philippine economy may have grown 6 percent in the first quarter, riding on consumer and government spending that offset poor export performance, a ranking International Monetary Fund (IMF) official said Wednesday.

“We think the momentum of this economy is around 6 percent, so we see growth around that figure even for the first quarter alone,” IMF Philippine Resident Representative Shanaka Jayanath Peiris told reporters.

Peiris pointed out that the 6.2 percent export revenue contraction to $12.08 billion in the first quarter would weigh on growth in the first three months.

He said, however, household consumption and government spending will give the economy the much needed boost.

Despite the slowdown in remittances from overseas Filipino workers in the first three months, money transfers likely remained a major contributor to household spending during the period, Peiris noted.

The Bangko Sentral ng Pilipinas earlier reported remittances reached $5.11 billion in the first quarter, up 5.6 percent year-on-year.

March remittances grew by 3 percent, the slowest since August 2009’s 2.8 percent.

“There’s nothing to worry about it, Peiris said. “There’s nothing wrong in gradual slowdown” Remittances coupled with increased government spending will help sustain the Philippine economy’s momentum, he added.

Peiris said IMF expects the economy to grow by 6 percent this year—or at the lower end of the Philippine government’s official target of 6 to 7 percent—unchanged from the multilateral lender’s earlier projection.

In March, Socioeconomic Planning Secretary Arsenio Balisacan said the Philippine economy could have grown between 6 to 7 percent in the first three months on the back of private and election spending.

GDP expanded by 6.4 percent in tehf rist quarter of 2012 and 6.8 percent in the fourth quarter, with the full-year out at 6.6 percent. — SOA/VS, GMA News

March 2025

It’s women’s month!

“Support women every day of the year!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.

Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors.
Time to spark a global conversation.
Time for #GenerationEquality to #orangetheworld!

Monthly Observances:
Women’s Role in History Month

Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week

Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour

Trade Union Solidarity Campaigns
Get Email from NTUC
Article Categories