The economy of the Philippines has been evaluated for the second quarter (Q2), from April to June 2012 and the good news is, The Philippines has preserved its position as one of the fastest growing economies in the entire region wherein China ranked first (7.4%), second is Indonesia (6.37), and third is Philippines (5.9%)
The Socioeconomic Planning Secretary Arsenio Balisacan, compared last Q2 of 2011 to Q2 of 2012, a big difference occurred as Philippines only have 3.6% last year which only proves that its economic standing is having a recovery because of improved economic activities. What are these activities that helped Philippines to rise from its breakdown?
=5.9% Economic Growth in Q2 2012
Services – the constant expansion of business process outsourcing (BPO) industry, tourism and wellness activities like hotel and spas rebound to 7.6% compared to last year. The improvement of Department of Tourism is being paid off little by little because of the exposure of “It’s more fun in the Philippines.”
Industry – the soar of construction industry such as manufacturing, electricity, gas, and water supply.
Agriculture – it has the slowest growth of 0.7 percent, meaning donating only 0.1% to the GDP.
Balisacan said that the government expects the Philippine economy to grow continuously to the next quarter. The weather disturbances that hit Philippines will only have a very small impact estimating only to 0.5 percent of GDP.