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Neda: 2013 growth could exceed 7 percent
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By Cai U. Ordinario, BusinessMirror
Posted at 06/20/2013 7:30 AM | Updated as of 06/20/2013 7:30 AM
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MANILA - The steady growth in industry and services could make it possible for the Philippine
economy to exceed the government’s growth targets in 2013.
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At the sidelines of the Global Development Network (GDN) 14th Annual Global Development
Conference, Socioeconomic Planning Secretary Arsenio M. Balisacan told reporters that fullyear growth could exceed the 6-percent to 7-percent target of the government this year.
This, as President Aquino on Wednesday batted for “inclusive growth” that does not leave the
poor with mere “crumbs,” and urged experts to keep pushing that development paradigm.
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At the opening ceremony of the Global Development Conference at the headquarters of the
Asian Development Bank, Mr. Aquino also cited his administration’s efforts to make economic
growth work for all sectors, singling out the Conditional Cash- Transfer (CCT) Program for
which P49 billion has been budgeted this year.
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“For most of the developing world, the problems can be summed up in a few words: Poverty,
hunger, unemployment, lack of education, corruption. These are not unique to any one country
or people—each of us have seen or experienced them and their effects,” the President said.
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All these problems combine, he added, “to deprive people of hope, initiative and opportunities.
And while no one can guarantee outcomes, I believe it is incumbent upon the government to
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provide meaningful opportunities to individuals and an environment conducive to empowering
our fellow citizens to seek out and maximize opportunities that come their way.”
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He added that, “We cannot have a society where a few flourish and the rest must make do
with crumbs. We must have inclusive growth.”
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The President described this as “nothing less than a fair deal, a running start, for all: with
interventions by the government where it matters and can do the most good.”
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manipulation
Balisacan said while most indicators have yet to be released, the second-quarter economic
growth will also be “good” on the back of stronger consumption fueled by cash remittances
which grew almost 6 percent from January to April.
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The Bangko Sentral ng Pilipinas reported that cash remittances from overseas Filipino workers
http://www.abs-cbnnews.com/business/06/19/13/neda-2013-growth-could-exceed-7-percent[6/27/2013 3:04:37 PM]
Neda: 2013 growth could exceed 7 percent | ABS-CBN News
(OFWs) coursed through banks increased by 5.7 percent in the first four months of the year to
$6.9 billion.
“Manufacturing as we have seen [will perform well], construction would continue to grow,
[other] industry sectors are expected to perform very well, then also the investments. Services,
particularly the tourism [industry], is expected to post a good performance,” Balisacan said.
But he also said the government was well aware of the risks to economic growth this year,
such as the return of investments to the United States when interest rates there picked up,
especially portfolio inflows that were invested in stocks.
He said this would affect the Philippine Stock Exchange index (PSEi), which has been hitting
one high after another. In 2012 alone, it had 36 all-time highs, this year it has had 30 all-time
highs so far.
Nonetheless, Balisacan said these kinds of risks are temporary and would not significantly
affect the economy. “I think, as you have seen, a good part of our growth is domestic,” he said.
The National Statistical Coordination Board (NSCB) attributed the 7.8-percent gross domestic
product (GDP) growth in the first quarter of 2013 to the “upbeat business and consumer
sentiment” and strong government consumption.
The first-quarter growth is the highest so far under the Aquino administration and also the third
consecutive quarter of more than 7-percent GDP growth.
The President said in the first half of his term, the government focused resources on the CCT,
which encourages poor, precisely targeted families to keep their children in school, make them
undergo periodic health checks and get state allowances in return.
“This helped close the gap in classrooms and raised our budgets for education—from the
primary to the tertiary level.”
“The next three years will see continued interventions on the poorest of the poor but also, a
focus on the vulnerable but emerging sectors of society, all made possible by prudent public
finance policies and honesty in public administration,” Mr. Aquino said.
Among other things, he said, this entails continuing efforts to build mass housing onsite and
not in far-flung areas for squatters; by creating durable jobs in industry, tourism and other
sectors that boost local economies and create jobs.
Still, he noted that while the problems of most developing countries “may be universal, the
solutions are not.”
Each region, each country, each city and town “has its own reality—and the solutions we come
up with must be tailor-fit to local conditions. This means that our solutions may not be the best
for our own communities, and we must study their effects and how to maximize positive
interventions in a specific and thorough manner.”
A good example of such context-specific approach, he said, is the push given to the coconut
sector.
“Our country has more than adequate coconuts to harvest—and hundreds of thousands of
coconut farmers who could potentially benefit from growth in the sector. We, likewise, heard of
a growing market for coco-water worldwide. So what we did was: We made the effort to
connect our farmers to consumers from all around the world.”
The result, he said, was remarkable: “From 2009 to 2011, the value of our coco-water exports
increased from $370,000 to $15.1 million—an increase of almost 4,000 percent. From
correctly reading local conditions, we were able to turn coco-water, which used to be a mere
waste product, into an engine of empowerment.”
Another former waste product that was taken advantage of, he said, is coconut coir, which is
extracted from coconut husk. The government has effectively used the material to strengthen
roads and prevent erosion, “which is why our Department of Public Works and Highways has
been using it in its projects.” -- With Butch Fernandez
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