The year 2007: When the Philippine economy improved
“2007 will likely be remembered as the year when the Philippine economy turned in its biggest surprise in more than two decades. In the first nine months, the country’s gross domestic product (GDP) expanded by a faster-than-expected 7.1 percent.”
Manila Times Business Editor Arnold Tenorio made this analysis for 2007. It’s quite a long report, and yet still worth reading. I’ll highlight his observations and analysis of how the Philippine economy turned around in 2007.
1. Unemployment and underemployment rates were down.
2. Business sentiments remained positive with the increased consumer spending over the holidays.
3. World Bank cited the country’s expansion as the fastest among middle-income peers.
4. The country’s dollar reserves are at a record $32.7 billion at end-November.
5.The government has trimmed its debt to about 60 percent of GDP
6. Also contributing to expansion is the home-building frenzy among property firms to cater to cash-rich OFW families.
7. Thanks to OFW remittances, the peso has appreciated.
8. The exception this year however has been the agriculture sector, as growth suffered from a prolonged dry spell.
Tags: philippines, economy, business, money, growth, GDP
6 Comments
Good work fellow filipinos…Let us fight graft and corruption step by step….and someday we will be a developed country!
let us work together and help our govt to boost our economy this will be serve as a guide that a philippines is a unique nation ever… God Blees Phil.
for all these that we have gained this past year 2007. I would like to give recognition to one person who I think deserves to be praised rather than criticized for her strength to implement seemingly unreasonable tax implementation systems,programs but in the end are for our own success. thank you dearest ever president, for giving us hope to regain what had been lost by the filipino people.. hope and trust. Thank you
Praise GOD for the economic miracle of the economy of my beloved country the Philippines,and also our president Gloria arroyo and his economic team.more power and God bless the Philippine people.
I am very glad our economy is performing well. Arroyo has indeed done a good job. I just hope political woes back home would subside to further buoy up our economy.
[...] share of economic woes and a loss of confidence in the government. There was a glimmer of hope in early 2008, when the Philippine economy showed signs of improving. One year later and the picture looks [...]