well done philippino friends

Exceeding analysts’ expectations, the Philippine economy grew 7.1% in the third quarter of 2012, the highest in Southeast Asia and second highest in Asia, the National Statistical Coordination Board (NSCB) reported on November 28, 2012. The growth resulted in Gross Domestic Product (GDP) expanding by 6.5% in the first nine months, above the target range of 5-6%. It was the highest under the Aquino Administration, driven mainly by services sector.

The Philippines posted the fastest economic growth in the Association of Southeast Asian Nations, followed by Indonesia (6.2%), Malaysia (5.2%), Vietnam (4.7%), Thailand (3.0%), and Singapore (0.3%). “Increased consumer and government spending, increased investments in construction, and third consecutive quarter of external trade growth contributed to highest quarterly growth since the third quarter of 2010,” the NSCB said. “GDP growth was due to sustained confidence in government that has consistently equated good governance with good economics,” Malacañang said.