The Philippines still has the lowest per capita GDP in the Asean-5 despite outpacing the economic growth of its peers last year and in the first half of 2013, the National Statistical Coordination Board confirmed in a report.
“Since 2005, the Philippines recorded the lowest per capita GDP in the group. Meanwhile, Singapore continuously posted the highest per capita GDP in the group, followed by Malaysia, Thailand and Indonesia,” the board said.
Data showed that the Philippines’ per capita GDP in 2012 was $4,339, lagging behind Singapore’s $61,461, Malaysia’s $16,976, Thailand’s $9,609 and Indonesia’s $4,971.
Asean-5’s per capita GDP in 2012 reached $7,010.
The report also said that among Asean-5, the services sectors in Singapore, Malaysia and Indonesia had the largest percentage share to GDP. Meanwhile, Thailand’s industry sector consistently has the greatest share to its GDP since 2005. The agriculture sector’s share to GDP in these four countries has dwindled since 2005.
The Philippines’ services sector has the largest percentage share to GDP, consistently contributing over 50 percent since 2005. Its recorded share to GDP of 54 percent in 2005 had consistently grown to 56.9 percent in 2012.
Meanwhile, the industry sector maintained its percentage share in the range of 31 percent to 32 percent in 2005.The agriculture sector had the lowest percentage share with a recorded 13.3 percent in 2005 and down to 11.1 percent in 2012.
After growing by 6.8 percent in 2012 and by 7.6 percent in the first half of 2013, the Philippine economy is now the fastest among the five largest economies in the Asean-5. The Asean-5 is expected to be the key growth driver not only in Southeast Asia but also in the greater Asia Pacific region.
Data from the 2012 Asean Community Progress Monitoring System Report show that the Philippine economy was on a precarious roller coaster ride before it latched on its current high growth trajectory.
The report said the economy showed resilience by maintaining positive growth rates despite the global economic meltdown in 2008 and 2009. –Julito G. Rada, Manila Standard Today
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