Personal consumption expenses in RP rise to P1.152 trillion in 2009

MANILA, Philippines – The country’s personal consumption expenditures (PCE), which comprised 80.5 percent of total expenditures, rose slightly in 2009 from the previous year’s level, National Statistical Coordination Board (NSCB) secretary general Romulo Virola said in a report.

He said that the country’s personal consumption expenditures amounted to P1.152 trillion in 2009, 4.1 percent higher than the previous year’s P1.107 trillion.

In terms of the country’s island groupings, Mindanao posted the highest personal consumption expenditure growth at 4.9 percent in 2009, Virola also said.

The other regions followed closely with Visayas and other parts of Luzon accounting for 4.7 percent and three percent of total expenditures, respectively.

The National Capital Region (NCR) recorded a 4.5 percent growth.

However, while Visayas and Mindanao posted accelerated growth in PCE, NCR and Other Luzon suffered a deceleration.

According to the NSCB, the Mindanao island group which contributed 18.3 percent to the total personal consumption expenditures, spent P207.8 billion during the period.

Luzon and Visayas consumed P427.6 billion and P185.1 billion representing 37.1 and 18 percent, respectively of total consumption, data also showed.

The National Capital Region spent P332.1 billion contributing 28.8 percent to the total personal consumption expenditures.

On a per capital basis, data showed that the personal consumption expenditure of the Mindanao region was valued at P9,473.4 during the year.

The NCR, meanwhile, posted the highest per capita at P29,126.3. Other Luzon and Visayas posted per capita PCE of P10,637.00 and P9,905.50, respectively.

The government expects the economy to grow anywhere from five percent to six percent this year.

In the second quarter, the government grew by 7.9 percent, surpassing expectations and the revised first quarter growth of 7.8 percent.

Next year, the government expects the economy to grow by at least five percent. –Iris C. Gonzales (The Philippine Star)