Employment figures for July 2014 reveal a dynamic labor market and sustained confidence in the Philippine economy.
For the first half of 2014, the Philippines recorded a tax to GDP ratio of 13.7% of GDP, marking an increase from 13.6% in the first half (H1) of 2013 and 12.6% in H1 2010. The revenue to GDP ratio for the first half of 2014 was at 15.6%, likewise growing from 15.3% in H1 2013 and 13.8% in H1 2010. These sustained growths in revenues brought the fiscal deficit in the first six months of the year to 0.9%, well-within the program of 2.1%.
The National Economic and Development Authority (NEDA) is optimistic about the achievement of the Philippine Development Plan (PDP) targets for 2014 in the Industry and Services (I&S) sectors, based on the initial results of an ongoing assessment and validation conducted by the Planning Committee on Economic Development.
Headline inflation rate in August 2014 settled to 4.9 percent, the same as in July 2014, according to the National Economic and Development Authority (NEDA). Increases in the price of food and electricity pushed up inflation, while prices of other commodities remained relatively stable.
This is to clarify certain issues raised against the Philippine Institute for Development Studies (PIDS) in connection with the 2013 Annual Audit Report of the Commission on Audit (COA), and published in the newspapers and online news web sites today.
Economic growth accelerated to 6.4 percent in the second quarter of 2014. The PH remains the fastest growing economy among major Asian countries for the period, tying with Malaysia’s performance, and overtaking other major ASEAN countries such as Indonesia (5.1%) and Thailand (0.3%).
Sec. Balisacan: I am pleased to report to you that economic growth accelerated to 6.4 percent in the second quarter of 2014. This higher growth rate, coming from a high base a year ago shows that the economy is back on the higher trajectory of growth registered in 2012 and 2013 and bodes well for economic growth for the rest of 2014.
Driven by the industry sector, the country’s gross domestic product (GDP) grew year-on-year by 6.4 percent in the second quarter of 2014, which is higher than the growth rate of 5.6 percent in the first quarter of 2014.
From the National Economic and Development Authority.
Statement of Secretary of Socioeconomic Planning Arsenio Balisacan: At the presentaton of the 2014 Human Development Report and 5th Philippine Progress Report on the Millennium Development Goals Launch [As read by National Statistician Lisa Grace Bersales on August 20, 2014, at Crowne Plaza Manila Galleria] Mr. Maurice Dewulf, Country Director, United Nations Development Programme; Ms. Luiza Carvalho, […]