Philippine economy bucks global headwinds
November 29, 2012 -- Updated 0806 GMT (1606 HKT)
Workers clean windows of a building in Manila on November 28, 2012.
- The Philippine economy grew 7.1% last quarter -- the fastest growth in two years
- Economy growing at the fastest rate in Asia next to China's 7.4% growth
- Manila is bucking the global pressures of EU debt crisis and China slowdown
- IMF chief: Philippines economic forecast only nation revised up in 2012
(CNN) -- The Philippine economy grew 7.1% last quarter -- the fastest growth in two years and the fastest pace in Asia next to China -- a strong sign that the Southeast Asian economy is building domestic-growth rather than relying on exports.
Manila is bucking the global pressures of the eurozone debt crisis and the slowdown in China. The Philippines is the only nation whose expected growth has been raised by the International Monetary Fund, rather than revised down, IMF Chief Christine Lagarde noted while visiting Manila earlier this month.
"There is no denying it, the Philippines is having a fantastic year despite strong global headwinds," HSBC said in a research note Wednesday. "This is largely due to the fact that policy makers took timely measures to counterbalance an anticipated slowdown of demand from China and the eurozone as well as the resilient nature of the services-oriented economy."
The stronger-than-expected growth brings more good news for the administration of President Benigno Aquino III, who last month signed a landmark peace deal with Muslim rebel leaders that moves to end the long-running insurgency in the nation's troubled south.
A strong service sector, accelerated growth of the industry sector and better than expected agricultural output led grow, Socio-Economic Planning Secretary Arsenio Balisacan told reporters Wednesday. Household spending contributed more than half of the growth on the demand side, he added.
The 7.1% year-on-year growth in the third quarter was up from 6% growth in the second quarter. "Overall, we now expect the economy to expand by 6.3% this year, up from our previous forecast of 5.0%,"wrote Gareth Leather of Capital Economics in a research note. "Reflecting the economy's resilience, we are also raising our growth forecast for 2013 to 4.5%, up from 4.0% previously."
What is driving the Philippines' surprisingly strong growth?
Part of complete coverage on
September 18, 2013 -- Updated 0124 GMT (0924 HKT)
When was the last time you adjusted your business strategy based on China's changing consumer behavior?
September 11, 2013 -- Updated 1258 GMT (2058 HKT)
For the first time, Apple has launched not one, but two iPhones at its now-annual iPhone launch event. Stuart Miles argues the strategy is simple -- but smart.
September 9, 2013 -- Updated 1508 GMT (2308 HKT)
If austerity had been a clinical trial, it would have been stopped. Why? Because it kills, health experts argue.
September 5, 2013 -- Updated 1741 GMT (0141 HKT)
Samsung just launched their next, new, big time product. It's the Galaxy Gear smartwatch. But do we really need one?
September 2, 2013 -- Updated 0548 GMT (1348 HKT)
Everyone knows that it's a time of dramatic change in Asia's airline industry. But can names like this work?
August 29, 2013 -- Updated 1422 GMT (2222 HKT)
Germany's Wolfgang Schaeuble speaks to CNN's Nina dos Santos in a rare interview. He has a tough message for the eurozone.
August 22, 2013 -- Updated 0940 GMT (1740 HKT)
Banks are being scrutinized over the extreme working hours put in by interns following the sudden death of a 21-year-old undergraduate at the Bank of America Merrill Lynch.
August 21, 2013 -- Updated 1759 GMT (0159 HKT)
Richard Quest hates public speaking. But he is determined to overcome this issue. Will it work?
August 20, 2013 -- Updated 1302 GMT (2102 HKT)
Oslo, Norway ranks as the world's most expensive city for expatriates, according to a survey by ECA International, a global human resources consultancy firm.
April 22, 2013 -- Updated 0647 GMT (1447 HKT)
Twitter resumes -- or "twesumes" -- have been touted as the best way for social media-savvy types to snag a dream job.
April 17, 2013 -- Updated 0800 GMT (1600 HKT)
We live in a three-speed economic world, according to the International Monetary Fund.
April 17, 2013 -- Updated 1627 GMT (0027 HKT)
Women have long dominated the heated discussion around gender equality. But men need to too, says Facebook's Sheryl Sandberg.
April 19, 2013 -- Updated 1053 GMT (1853 HKT)
Security threats from mobile malware are on the rise and nearly 95% of targets operate on the Android operating system, according to a new report from NQ Mobile.
April 15, 2013 -- Updated 2006 GMT (0406 HKT)
Microsoft is working on a touch-enabled smartwatch, The Wall Street Journal says, reporting that the company asked Asian suppliers to ship components for the device.
April 19, 2013 -- Updated 0647 GMT (1447 HKT)
Give your anxious, negative colleagues a chance, and they just might surprise you.
April 17, 2013 -- Updated 1046 GMT (1846 HKT)
In Europe, high-speed rail has come to stand for ease and efficiency where journeys of four hours or less trump airplanes and the hassle of airport security.
April 19, 2013 -- Updated 1812 GMT (0212 HKT)
Infographic: Singapore may be tiny but it is also one of East Asia's most powerful trading hubs.
April 22, 2013 -- Updated 0027 GMT (0827 HKT)
In Hong Kong urban lore, an apartment where a violent death took place can often be bought for as much as 10-30 per cent off the market price.
April 16, 2013 -- Updated 1605 GMT (0005 HKT)
With gold prices officially in a bear market, investors must ask themselves if this is the time to buy?
Today's five most popular stories