Two economic stories highlighted the past week—one, the stellar growth of the country’s gross domestic product or GDP; the other, the 50 Filipino families and individuals in the Forbes list of the world’s wealthiest for 2014.
The snail-paced and much-delayed rehabilitation work in Eastern Visayas partly took a hit with the slowing down of the Philippine GDP’s (gross domestic product) growth rate, which was recorded at 5.7 percent in the first quarter.
By Peter Lacy
As delegates to this year’s World Economic Forum in Manila know, East Asia has the potential to become a powerful consumer economy. And yet, the emergence of a consumer economy in Asean, and East Asia generally, takes place against a very different backdrop than European, American and Japanese growth over the previous two centuries. This time, resources are scarcer.
By Mahar Mangahas
Last Wednesday I was at a hearing of the House committee on constitutional amendments, which had asked for data on “the quality of life of the Filipinos vis-à-vis the posted economic growth of the Philippines.” There I presented the SWS surveys that show that Philippine poverty, hunger and joblessness have been disappointingly flat in the past decade, despite rapid economic growth. I pointed out that joblessness of well above 20 percent is not new, but has been around since 2005, and also that “Yolanda” victims are no more jobless than nonvictims.
By Solita Collas-Monsod
The Aquino administration has every right to crow about the country’s economic performance for the first quarter of this year. A 7.8-percent growth rate in real GDP is not to be sneezed at, particularly since we outpaced our Asean neighbors and China for the period.