The government sees the economy growing by 7 percent for the whole of 2013 despite the damage from a string of natural calamities including Typhoon Yolanda, the strongest typhoon to make landfall on record.
“Taking into consideration all of these developments in the Philippine economy including those on the external, monetary and fiscal fronts, we expect GDP (gross domestic product) to hit the upper limit of our growth target for 2013,” Socioeconomic Planning Secretary Arsenio Balisacan told reporters in a briefing Tuesday.
The 2013 full-year growth would have hit 7.3 to 7.5 percent, “without all these crises,” Balisacan said.
The Philippine economy grew by 6.8 percent in 2012.
Last Nov. 8, Typhoon Yolanda smashed central Philippines, flattening coastal towns and cities and killing over 6,000 people. A month earlier, on Oct. 15, a magnitude-7.2 earthquake rocked the Central Visayas region.
The government’s 2013 growth forecast is already respectable, and will “still be the best in the Southeast Asian region,” said Balisacan, who heads the National Economic and Development Authority (NEDA).
The Philippine economy expanded at the fastest rate in Southeast Asia of 7.4 percent in the first three quarters.
Fourth quarter growth is projected at 4.1 to 5.9 percent, a sharp slowdown from the actual 7 percent in the previous quarter, due to damage from the string of natural disasters, said Balisacan.
However, the new estimate for 2013 is still within the government’s estimated GDP growth for the year of 6 to 7 percent.
The economic toll from Typhoon Yolanda is expected to spill over into the first quarter of 2014, even as effects of reconstruction will start to kick in.
“Although losses in agriculture resulting from Yolanda devastation is expected to reduce growth in the first quarter, reconstruction efforts are presumed to contribute to growth,” Balisacan said, refusing to give a ballpark figure for growth next quarter.
For 2014, Balisacan said the government maintains that the economy may grow within its 6.5 to 7.5 percent growth target. — BM, GMA News
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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