Despite several setbacks and calamities that hit the country from July – September, Q3 for 2013 still recorded a 7% GDP growth rate.
The country was plagued by political unrest such as the Zamboanga siege and Pork Barrel scandal, as well as typhoons and floods. However, these situations did not deter the country and its people from an impressive performance for Q3. Though a bit slower than what was recorded during the first half of the year (7.65%), Q3 proved the country’s economic resilience by withstanding the aforementioned conditions, as well as the supposed “ghost month” of August when the value of stocks typically fall.
The services and industry sectors are mostly credited for contributing the most, growing by 7.5% and 8.2%, respectively. Investments, domestic consumption and government are main drivers for the growth as well.
This growth puts the Philippines in the second spot for the fastest growing economies in the region, the one on top being China which rose by 7.8%. This also makes 2013’s average growth rate 7.43%, still higher than the predicted and expected 6-7% growth.
With an economy growing at such a quick pace and showing resilience, not heeding natural calamities, the Philippines proves to be a premier investment destination.
Find out how you can invest in the Philippines. Get in touch with Triple i.
Contact us and discuss your business with our consultants and then you can begin partaking in and benefiting from our growing and resilient economy.
By: Dannie Manriza