ShareThisJune 2, 2010 MANILA — The country’s economic growth of 7.3 percent in the first quarter reflects the sound economic policies that the Arroyo administration initiated in the past nine years. “We see the strong growth as benefitting from the sound economic management we had in place for years,” said Deputy Presidential Spokesperson Ricardo Saludo.
Latest data from the National Economic and Development Authority show that the Philippines’ gross domestic product (GDP) grew 7.3 percent in the first quarter, from 0.5 percent in the first three months of 2009. This is the highest in 30 years.
“We see this as a sign that confidence remains strong. This really underlines the sound management that allows you to maintain a strong growth overall,” he said. The NEDA said the uptick was attributed to the improvement in the global economy, brighter economic outlook, increased business and consumer confidence, and electionrelated spending.
Higher-than expected growth of Philippines’ economy in the first quarter this year made investment firms forecast a hike in central bank’s policy rate and the reserve requirement in the second half this year.