The Bicol Region recorded the fastest growth with 9.4 percent, surpassing its 6.9 percent growth in 2012. The NCR registered only second with 9.1 percent; followed by SOCCSKSARGEN, 8.4 percent; Caraga, 7.8 percent; and the Ilocos Region, 7.7 percent. The economy of Eastern Visayas rebounded from a 6.4 percent contraction in 2012 to a 5.7 percent-growth in 2013.
“This is the highest level since the economy started posting a continuous positive growth in the same period last year. It is also way faster than the 6.9-percent increase in May 2014 and the 4.1-percent expansion in June 2013,” said Economic Planning Secretary Arsenio M. Balisacan.
Secretary Balisacan: “I enjoin everyone to place greater value on developing and institutionalizing a local competitiveness index while keeping in mind that inclusive, broad-based growth requires the participation of and coordination among government agencies at different levels as well as the private sector and development partners. Let us work together to raise our standards for governance that will translate into greater competitiveness.”
Uptick in food prices pushed inflation to 4.9 percent in July 2014 but still settled within the high-end target of the government, according to the National Economic and Development Authority (NEDA).
Philippine exports grew by 6.9 percent in May 2014 and overall outlook for the rest of the year continues to be upbeat, according to the National Economic and Development Authority (NEDA).
Inflation rate slowed to 4.4 percent in June 2014 from 4.5 percent in May, supporting a manageable and within-target outlook for the year, according to the National Economic and Development Authority (NEDA).
The project has two components: a road dike and a land reclamation. The project aims to mitigate flooding in the Laguna Lake coastal towns—particularly in Southern Metro Manila and Laguna, improve the environmental condition of the Lake, and promote economic activities through the efficient transport of goods and people.
The National Economic and Development Authority Board approved three new infrastructure projects amounting to PHP139.77 billion in a meeting chaired by President Benigno S. Aquino III on June 19, 2014.
The Philippine government urged the Group of 77 and China (G77+China) to push for a revitalized global policy framework in disaster preparedness and response, according to the National Economic and Development Authority (NEDA).
Job growth in all major sectors of the economy pushed the total employment to 38.7 million people in April 2014, a 4.5% increase from 37.0 million a year ago, according to the National Economic and Development Authority (NEDA).