RP Economic Growth Rate Cited; Success Analyzed
Despite adversities in the global economy and some internal concerns, the Philippines achieved one of the highest economic growth rates among the 21 economies of the Asia-Pacific Economic Council (APEC) region, Malacanang said yesterday.
The three-percent average inflation rate from January to October 2003, was much lower than the projections of most economists, despite some negative upticks in oil and electricity prices. Interest rates have also been contained below the target for the year.
For the third quarter of this year, the countrys gross domestic product (GDP) grew by 4.4 percent and its gross national product (GNP) grew by 5.9 percent, a growth rate that even the government did not expect.
GDP is the value of goods and services produced inside the country, while the GNP is the total value of goods and services earned by the country overseas.
The GDP figure also exceeded the governments forecast of 3.8 to 4.3 percent for the third quarter. This enabled the Philippines to outperform Taiwan, Indonesia, Singapore, and South Korea in both GDP and GNP growths.
Likewise, combined investments, registered by the Board of Investments (BoI), the Department of Trade and Industry (DTI) from January to October 2003, reached R27.774 billion, 23 percent higher than last years R22.508 billion.
Local investments also registered an increase of 18.97 percent at R19.101 billion against last years R16.055 billion.
The surge in both local and foreign investments and the higher-than-expected growth rates shows that both local and international business communities have continued confidence in President Arroyos administration, Malacanang said. …