This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Philippine Economy Expands 7.1 Percent In 3Q

MANILA, Philippines (AP) â¿¿ The Philippine economy expanded 7.1 percent in the third quarter, among the fastest growing in Asia despite headwinds from overseas, officials said Wednesday.

Socioeconomic Planning Secretary Arsenio Balisacan said household spending, public construction and higher farm output boosted growth. Exports have also improved but trade makes up a smaller proportion of the economy than in many other Asian nations, cushioning the Philippines from weak growth in Europe, Japan and the U.S.

The economy grew 6.5 percent for the first nine months of the year and is likely to exceed the government's 5-6 percent growth target for 2012, he said. In Asia, only China grew faster than the Philippines in the third quarter with growth of 7.4 percent.

"This economic expansion continues to be broad-based as almost all sectors posted higher year-on-year growth rates," said Balisacan.

Finance Secretary Cesar Purisima said the growth figures and multiple records set recently in the country's stock market show an upward momentum in investor and consumer confidence. Renewed confidence in the Philippines partly reflects President Aquino III's push to reduce graft and improve governance following a succession of corrupt governments.

Purisima said the expansion is significant because it is much higher than the trend growth rate of 4.7 percent in the past 10 years and comes amid a global economic downturn. It also happened despite a 2.2 percent decline in mining, where reforms are disrupting production.

"Mining represents an extra gear for the Philippine economy once the regulatory environment is rationalized," Purisima said.

The government's peace agreement with Muslim rebels, once completed and fully implemented, represents another extra gear that will unlock the significant potential of the southern Mindanao region, he said.

The Philippine Stock Exchange index on Wednesday surged to its 31st all-time closing high for the year, buoyed by the GDP figures. The index gained 47.27 points or 0.9 percent, ending at 5,633.72 points.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,837.38 +117.46 0.66%
S&P 500 2,091.65 +11.24 0.54%
NASDAQ 5,131.1370 +22.4710 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs