PH is now Asia's strongest-performing economy, says expert

[Ronzkie23]

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Amid a disaster, here comes some good news.

This, as an expert claims Philippines is now the strongest-performing economy in Asia, thanks to improved exports even in a weak global environment.

"The strongest-performing economy in the Asia today is the Philippines," Michael Spencer, chief economist for Asia at Deutsche Bank AG, said in an interview with Bloomberg on Thursday.

Spencer notes the country has historically been identified as dependent on the economies of the United States and Europe, which both continue to face uncertainties.

The Philippine economy grew by 6.4 percent in the first quarter, with economists noting that this signaled a recovery from the sluggish 3.7 percent growth in 2011.

This made the Philippines the second fastest-growing Asian economy, topped only by China at 8.1 percent.

"what's driving growth [in the Philippines] today is exports, surprisingly enough for them," Spencer said.

National Statistics Office (NSO) data show that total exports reach $26.8 million in the first half, up 7.68 percent from $24.8 million in the same period in 2011.

The country's export performance has been insulated from weak external demand, particularly from US and Europe, by increasing outbound shipments to Japan, Spencer said.

"I suspect that this has something to do with Japan outsourcing to the Philippines after the earthquake," he added.

Outbound shipments to Japan also grew by 11 percent to $4.77 billion in the first half from $4.29 billion a year ago.

Japan thus remained the Philippines' top market during the period, accounting for 17.8 percent of total exports.

Last year, Japan was also the Philippines' top product destination with $8.86 billion worth of exports or 18.5 percent of total exports.

It was followed by the US, with a 14.8 percent share; China, 12.7 percent; Hong Kong, 7.71 percent; and Singapore, 8.92 percent.

Source: PH is now Asia's strongest-performing economy, says expert - Yahoo! News Philippines

- Oh cge, asa naman to mga cge reklamo diha og atat kayo molambo DAYON ato nasod??Asa naman to gipanghambog ni GLORIAng PANDAK nga mas lambo daw ato Economy sauna sa iya Administration?Puro raman to istorya iyaha walay katinud-anan.. kini mao ni proof ni PNOY.. atleast naa gyud siya gibuhat! Hulat-hulat lng mo kay di baya lalim ang naagian sa ato nasod ay 9 years gi kurakot ni pandak og dako problma baya iya gibilin og dili sad lalim mahimo presidente sa inaani pa jud sitwasyon sa kadaghan problma! step by step lng tayo mga pre sa tuwid na daan..! kay sa karon ang mga buhaya sa kamara ma kontrol na di na mag cge hal-hal para mangayo suhol sa ato president.

[monroy]

This "expert" is a big fail. In the same article, it says China at 8.1 percent growth is the best performing economy. But then the title says the Philippines is the strongest performing economy in Asia. Last I checked both China and the Philippines are in Asia. If China has growth of 8.1 percent and the Philippines has growth of 6.4 percent how did this expert conclude that we are the best performing economy in Asia? Maybe he meant best improved economy.

[flanker]

lolz..it doesn't matter if its the strongest in Asia.. if the living condition won't improve. Check GDP per capita we have a long way to go compared to our neighbors.

Maybe in 20 years the earliest, living conditions will improve.

[spectrespook]

Pero at least good news gihapon..hehe.

[aldrin89]

strongest kick back sad

[balipseyev]

Hurrayyy.... Now give us our wage increase... LoL

[DEMONOCIETY]

wa ba kaha mahubog ang analysist/expert ana? basin bawion nag sulti inig human ug pang hilam-os

[D-works]

Usa ra ako ma sulti sa mga EXPERT!

ESSTORYAHEEE choy...

[kageron]

strongest economy nya daghan man sad corrupt quits ra.

[Renz8]

Yep it's really true that the Philippines is 1 of the strongest economy in Asia bec we Pinoys are the 1 making it happen bec we spent are hard earn money into the market by buying goods so naturally business here will grow unlike in other countries where people are very frugal&spent there money wisely by investing or putting it in the Banks!How many pinoys invest or save there money in the Banking systemIn the latest Central Bank survey only at least 20% of the population way below standards but that's understandable since many pinoys 70% are living below the poverty line so how can they??Iin this country the richer are getting richer&the poor are getting poorer unless the % of those people living below the poverty line will decrease there so called gains in our economy will be just a political pogi points for the incumbent government.........