Reference Number: Q12017
Release Date: Thursday, May 18, 2017
Gross Domestic Product (GDP) posted a 6.4 percent growth in the first quarter of 2017. Manufacturing, Trade, and Other Services were the main drivers of growth for the quarter.
Among the major economic sectors, Services had the fastest growth of 6.8 percent. Industry decelerated to 6.1 percent as compared with the 9.3 percent growth recorded in the first quarter of 2016. Meanwhile, Agriculture recovered with 4.9 percent growth from a decline of 4.3 percent from the previous year.
Net Primary Income from the rest of the world (NPI) slowed down by 3.9 percent compared with the 9.4 percent growth recorded in the same quarter of the previous year. As a result, Gross National Income (GNI) posted a growth of 5.9 percent.
On a seasonally adjusted basis, GDP and GNI grew quarter on quarter by 1.1 percent and 1.0 percent, respectively. Agriculture, Hunting, Forestry and Fishing (AHFF) and Services rose by 1.6 percent and 1.4 percent, respectively. Likewise, Industry expanded by 0.4 percent from the previous quarter.
With the country’s projected population reaching 104.1 million in the first quarter of 2017, per capita GDP grew by 4.9 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent and 4.2 percent, respectively.
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
Philippine President Rodrigo Duterte, left, and Chinese President Xi Jinping attend a signing ceremony in Beijing, China, Thursday, Oct. 20, 2016. AP
BEIJING—The pot sweetened for the Philippines on Friday as President Duterte wrapped up a state visit to China, securing investment and credit line pledges amounting to $24 billion, or nearly double the initial amount reported, officials said.
17 more deals
Trade Secretary Ramon Lopez said the total included $15 billion worth of investment projects and $9 billion in credit facilities. Earlier estimates placed total pledges at $13.5 billion.
A document obtained by the Inquirer showed that 17 more deals with a combined value of $11.24 billion were signed ON Thursday evening at an event organized by the Philippine Chamber of Commerce and Industries (PCCI) and the Federation of Filipino Chinese Chambers of Commerce Inc.
Steel plant eyed
Mining firm Global Ferronickel signed a $500-$700 million deal with Baiyin International Investment Ltd. to construct a steel plant, while Greenergy Development Corp. led by businessman Tony Tiu inked a memorandum of understanding (MOU) with PowerChina Guizhou Engineering Corp. to develop the 300-megawatt Pulangi hydropower plant project worth $1 billion.
A local company called MVP Global Infrastructure Group Ltd., a private investment group that is focused on coinvesting with large mainland Chinese companies in Malaysia, Vietnam and the Philippines, also bagged large investment deals. MVP is composed of three entrepreneurs from Malaysia, Vietnam and the Philippines.
The MVP Group signed an MOU to establish a partnership with China Railway Engineering Corp. to undertake $2.5 billion worth of infrastructure investments.
It also signed a deal with Suli Group Ltd. to invest in cabling manufacturing facilities in the Philippines that would produce $3 billion in trade value.
Businessman Reghis Romero scored three deals, including a $780-million contract his Mega Harbour Port sealed with China Harbour Engineering Co. Ltd. to undertake the 214-hectare coastline project.
Press conference on the second quarter Philippine GDP. BEN DE VERA
DAVAO CITY – The Philippine economy grew 7 percent during the second quarter, the last three months of the Aquino administration, amid robust spending for the national election held last May, the Philippine Statistics Authority announced Thursday.
The growth posted during the April to June period was faster than the 5.9 percent posted a quarter ago as well as 6.8 percent in the first quarter.
The average gross domestic product (GDP) growth in the first half was 6.9 percent, National Statistician Lisa Grace S. Bersales said in a press conference.
The Duterte administration targets the GDP to grow by a “conservative” 6-7 percent in 2016, as economic managers had downscaled the Aquino administration’s target of 6.8-7.8 percent growth for this year, citing adjustments to be made in the next few months as the new administration settles down.
Finance Secretary Carlos G. Dominguez III had said the Duterte administration wants the robust economic growth being enjoyed by the country—the average GDP growth during the Aquino administration was the fastest since the late 1970s—to be felt in terms of poverty reduction.
President Rodrigo Duterte’s economic managers earlier said they want the poverty incidence to drop sharply to about 16 percent by 2022 from about 25 percent at present. CDG
The country’s Gross Domestic Product (GDP) grew by 6.9 percent in the first quarter of 2016, the highest since the second quarter of 2013, from 5.0 percent the previous year.
The main driver of GDP growth for the quarter was the Services Sector which accelerated to 7.9 percent from 5.5 percent while Industry grew by 8.7 percent from 5.3 percent posted last year.
On the other hand, the Agriculture sector declined by 4.4 percent, the fourth consecutive quarterly decline since the second quarter of 2015, from a growth of 1.0 percent in the first quarter of 2015.
Net Primary Income (NPI) from the Rest of the World grew by 10.7 percent from 0.5 percent the previous year, driving the Gross National Income (GNI) to post a growth of 7.6 percent, the highest since the third quarter of 2013, from the previous year’s 4.1 percent.
With the country’s projected population reaching 102.6 million in the first quarter of 2016, per capita GDP grew by 5.2 percent from 3.2 percent in the same quarter of 2015. Per capita GNI grew by 5.8 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 5.3 percent from last year’s growth of 2.4 percent and 4.3 percent, respectively.
Department of Trade and Industry 12
as of March 30, 2016
|No||PROJECT TITLE||PROPONENT||PROJECT COST (PhP)||Type of Arrangement Needed||PDF LINK|
|1||Developmen tof Ladol Resort||LGU-Alabel||Depends on FS||Institutional, PPP, Individual investor/s||VIEW|
|2||Developmen tof Lake Beto||LGU-Alabel||Depends on FS||Institutional, PPP, Individual investor/s||VIEW|
|3||Bagongbuhay Eco-Village||LGU-General Santos City||25,820,000.00||PPP, Grant||VIEW|
|4||Balutan sa Baluan Food Park||LGU-General Santos City||28,000,000.00||PPP, Grant||VIEW|
|5||GSC Eastcoast Eco-tourism Development||LGU-General Santos City||120,725,000.00||PPP, Grant||VIEW|
|6||Isulan Shopping Malls and Supermarkets Development||LGU-Isulan||Depends on FS||Individual investor/s||VIEW|
|7||Kidapawan Eco-tourism Corridor||LGU Kidapawan City||Depends on FS||PPP||VIEW|
|8||Renovation and Upgrading of Gonolemobung Lodge||LGU-Lake Sebu||120,000,000.00||PPP, Individual investor/s, Grant||VIEW|
|9||Development of Lake Lahit Dream Aqua Park||LGU-Lake Sebu||VIEW|
|10||Development of Malapatan Eco-tourism Park||LGU-Malapatan||100,000,000.00||PPP, Individual investor/s||VIEW|
|11||Development of Emily's Green Park Resort||LGU-Surallah/Emily delos Reyes||24,000,000.00||Individual investor/s, JV Partner||VIEW|
|12||Development of Hidak Falls||LGU-T'boli||Depends on FS||PPP, Individual investor/s||VIEW|
|13||Mt. Matutum Fruit Park||LGU-Tupi||51,961,645.00||PPP||VIEW|
|14||Cotabato Provincial Eco-tourism Park||PGO-North Cotabato||25,000,000.00||PPP, Individual investor/s||VIEW|
|15||Golf Course Site Development||PGO-North Cotabato||61,000,000.00||Build-Operate-Transfer||VIEW|
|16||Lake Sebu Seven Falls Development||PGO-North Cotabato||85,000,000.00||PPP, Individual investor/s, BOT||VIEW|
2 General Santos City
4 Kidapawan City
5 Lake Sebu
11 PGO North Cotabato
12 South Cotabato
1 Emily delos Reyes*
The country’s Gross Domestic Product (GDP) in the fourth quarter of 2015 grew by 6.3 percent, the highest quarterly growth for the year. The growth, however, is slower than the 6.6 percent posted in the same period of last year.
The fourth quarter GDP was driven by the Services sector which accelerated to 7.4 percent from 5.6 percent while Industry decelerated to 6.8 percent from 9.1 percent. On the other hand, Agriculture contracted by 0.3 percent from a growth of 4.2 percent in the previous year.
The fourth quarter growth paved the way for the economy to grow by 5.8 percent for the whole year of 2015 from 6.1 percent in 2014. Services was the main driver of the economy at 6.7 percent growth from 5.9 percent the previous year. Industry and the entire Agriculture both decelerated with 6.0 percent and 0.2 percent from 7.9 percent and 1.6 percent, respectively.
Meanwhile, Net Primary Income (NPI) from the Rest of the World grew by 5.4 percent in the fourth quarter of 2015 from 1.4 percent the same period last year, driving the Gross National Income (GNI) to post a growth of 6.2 percent from the previous year’s 5.7 percent.
On an annual basis, GNI slowed down to 5.4 percent in 2015 from 5.8 percent the previous year with the deceleration of NPI to 3.6 percent in 2015 from 4.1 percent in 2014.
NINE countries have vowed to invest more in the Philippines on the heels of the recently-concluded Asia Pacific Economic Cooperation (Apec) Leaders’ Meeting hosted by the country on November 18-19, the Department of Labor and Employment (Dole) said Monday.
Countries that vowed investments are Australia, Japan, South Korea, Mexico, New Zealand, Peru, Papua New Guinea, Russia, and the United States.
“These potential investment and employment opportunities are tangible outcomes of the Philippines’ hosting and active participation in the Apec,” said Labor Secretary Rosalinda Baldoz in a statement.
Australia may invest in the processed food and agribusiness, IT-BPM, engineering services, and infrastructure sectors.
Baldoz said there can also be possible jobs from investments from Mexico in the areas of infrastructure and energy, manufacturing of electronics, food/agribusiness, pharmaceutical and medicine, aerospace, fabricated metal products, and consumer products.
Russia is interested in the IT-BPM sector, processed and specialty food manufacture, non-renewable and renewable energy, design-driven products, and aerospace.
New Zealand’s potential investments, meanwhile, could create more employment opportunities are in processed food and agribusiness, IT-BPM services, engineering services, infrastructure and other public-private partnership projects, auto parts exports, and manufacturing.
The labor chief also said there are identified investment opportunities from Peru in the country’s infrastructure, energy, manufacturing of electronics, food/agribusiness, pharmaceutical and medicine, aerospace, fabricated metal products, and consumer products.
Baldoz said the country also welcomes Papua New Guinea investments in infrastructure/PPP, IT-BPM, shipbuilding, energy, and agribusiness.
Papua New Guinea is also interested in the areas of cannery, consulting, engineering, building and construction, services sector, retail, ports development, air services, agriculture and agro-industries (exchange of professionals/scientists, information, and technology; and collaborative studies on agriculture and cooperation in rice farming and production).
Japan, meanwhile, brings potential for jobs in the copper mining industry and manufacturing sector, specifically for auto parts, printer, and printing parts, and medical devices; as well as from investments in the services sector, particularly on IT-BPM and gaming development; and the expansion of the Japan-Philippines Economic Partnership Agreement for the deployment of other Filipino professionals to Japan.
With South Korea, there are potential jobs in the established trade agreement covering investment opportunities for ship building, automotive manufacturing, electronics manufacturing (printers, integrated circuits, LED modules), agribusiness (food production and processing), renewable energy, banking and finance, and tourism (hotel, retirement village, infrastructure).
Baldoz said jobs are also being eyed from US investments in the sectors of IT-BPM sector, food manufacture, and design-driven products. It could also see more investments in electronics manufacturing, manufacturing of energy products, pharmaceuticals, and aerospace products, as well as in infrastructure and energy. (HDT/Sunnex)
GDP grew year-on-year by 5.6 percent in the second quarter of 2015. This is lower than the 6.7 percent in the same period last year but higher than the growth rate of 5.0 percent in the first quarter of 2015.
The second quarter growth was driven by the Services sector with the positive growth exhibited by Trade, Other Services Real Estate, Renting & Business Activities, and supported by the growth of Manufacturing and Construction.
Gross National Income (GNI), on the other hand, grew by 5.0 percent from 6.9 percent the same period last year. The slowdown in OFW deployment pulled down the growth of Net Primary Income from the Rest of the World to 2.2 percent from 7.9 percent last year.
For the first semester of 2015, GDP grew by 5.3 percent from 6.2 percent while GNI grew by 4.6 percent from a growth of 6.7 percent in the first semester of 2014.
With the country’s projected population reaching 101.4 million in the second quarter of 2015, per capita GDP grew by 3.8 percent from 4.9 percent of the same quarter of 2014, per capita GNI grew by 3.3 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent from last year’s growth of 5.1 percent and 3.9 percent, respectively.
LISA GRACE S. BERSALES, Ph. D.
National Statistician and
Civil Registrar General
• The National Income Accounts (Gross Domestic Product and Gross National Income) is one of the major macroeconomic statistics compiled and disseminated by the Philippine Statistics Authority, to provide information about the performance of the Philippine economy as basis for economic analysis and policy formulation.
• For the Fourth Quarter of 2014, the country’s Gross Domestic Product (GDP) accelerated to 6.9 percent from 6.3 percent in the same period of last year. This followed three consecutive quarters of decelerated growth. The robust performance of Industry sector particularly by Manufacturing and Construction and supported by the Trade, Real Estate, Renting & Business Activities, and Transport, Storage & Communication, boosted the fourth quarter performance and paved the way for the annual GDP to post a growth of 6.1 percent.
• On the demand side, Household Final Consumption Expenditure (HFCE) together with the sustained investments in Fixed Capital Formation and the remarkable performance of external trade all contributed to the healthy growth of the economy in the fourth quarter and for the full year 2014.
• On an annual basis, Gross National Income (GNI) slowed down to 6.3 percent in 2014 from 7.5 percent the previous year with the deceleration of Net Primary Income (NPI) to 7.3 percent in 2014 from 9.0 percent in 2013. For the fourth quarter, GNI decelerated to 6.3 percent in 2014 from the previous year’s 7.2 percent with the slowdown of NPI by 2.8 percent from a double digit growth of 12.3 percent the previous year.
• From the third to the fourth quarter of 2014, seasonally adjusted GNI grew by 2.3 percent compared to the 0.6 percent growth in Q3 201. Seasonally adjusted GDP accelerated to 2.5 percent from 0.7 percent in the previous period. Agriculture rebounded to 6.0 percent from negative 3.0 percent; while both the Industry and Services sectors accelerated to 3.6 percent and 1.3 percent respectively, from a growth of 1.1 percent recorded by both sectors in the previous quarter of 2014.
MANILA, Philippines – The Board of Investments (BOI) has released the guidelines for the implementation the Investment Priorities Plan (IPP) 2014 to 2016, which serves as the blueprint for activities entitled to incentives from the government.
BOI Memorandum Circular No. 2015-1 containing the general policies and specific guidelines to implement the IPP, was published yesterday.
The circular noted the 2014 IPP approved by President Aquino in October last year, would be a rolling three-year plan to ensure continuity, consistency and predictability for both domestic and foreign investors.
While the 2014 IPP would be valid for three years, it would be reviewed annually.
The 2014 IPP lists the following as preferred activities:
• manufacturing (motor vehicles; shipbuilding; aerospace parts and components; chemicals; virgin paper pulp; copper wires and copper wire rods; basic iron and steel products; and tool and die)
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
• agribusiness and fishery
• services (integrated circuit design; creative industries or knowledge-based services; ship repair; charging stations for electric vehicles; maintenance repair and overhaul of aircraft; and industrial waste treatment)
• economic and low-cost housing (horizontal and vertical)
• public infrastructure and logistics (airports and seaports for cargo and passenger and air land and water transport) and
• Public-Private Partnership Projects.
The 2014 IPP also covers export activities as well as those in special laws such as industrial tree plantation; exploration, mining, quarrying and processing of minerals; publication or printing of books; refining, storage, marketing and distribution of petroleum products; rehabilitation, self-development and self-reliance of persons with disability; renewable energy; and tourism.
The circular stated the grant of incentives would be based on the project’s substantial benefits to the economy.
A firm’s entitlement to income tax holidays (ITH) would wants be based on the following: project’s net value-added; job generation; multiplier effect; and measured capacity.
The net income qualified for ITH for all except renewable energy projects, would be limited to 110 percent of the projected gross revenues represented in the firm’s application for registration with the BOI.
In cases where the project’s actual revenues exceed projections, the BOI may adjust and increase the ITH entitlement following a request filed by the firm before the projected revenues are breached.
The ITH would only be applicable to revenues generated from services rendered to other enterprises.
“For projects involving services inherent to a project’s operation, entitlement to ITH shall be subject to the condition that 70 percent of the revenues are generated from non-related entities and service fees are within normal or regular rates,” the circular read.
The circular also noted the BOI would want to encourage registered enterprises to adopt the Inclusive Business (IB) model by providing goods and services as well as income and decent work opportunities for the low-income segment within the firm’s supply or value chain.
The domestic economy grew by 5.2 percent in the first quarter of 2015 from 5.6 percent the previous year.
The main driver of GDP growth for the quarter was the Services Sector which grew by 5.6 percent from 6.8 percent. Industry, on the other hand, accelerated to 5.5 percent from 5.4 percent posted last year. Similarly, the Agriculture sector accelerated to 1.6 percent from 0.6 percent.
Among the three major economic sectors, Services gave the highest contribution to the GDP growth in the first quarter of 2015 contributing 3.1 percentage points followed by Industry 1.9 percentage points, and the whole Agriculture sector 0.2 percentage point.
Net Primary Income from the Rest of the World grew by 2.7 percent from 11.1 percent in the first quarter of 2014. This, together with the GDP performance, resulted to GNI’s growth of 4.7 percent from 6.6 percent in the first quarter of 2014.
With the country’s projected population reaching 100.9 million in the first quarter of 2015, per capita GDP grew by 3.4 percent from 3.8 percent while per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 3.0 percent and 3.6 percent from 4.8 percent and 4.3 percent, respectively.
LISA GRACE S. BERSALES, Ph.D.
National Statistician and
Civil Registrar General
(Posted 28 August 2014)
GDP grew year-on-year by 6.4 percent in the second quarter of 2014 from 7.9 percent in the same period last year but higher than the growth rate of 5.6 percent in the first quarter of 2014.
The second quarter growth was driven by the Industry sector, which grew by 7.8 percent, followed by the Services sector which grew by 6.0 percent.
It is noted that the growth in Industry sector is lower than the previous year’s growth rates of 10.5 percent in Q2 but higher than the 5.3 percent in Q1 this year. Manufacturing, which grew by 10.8 percent, was the highest contributor in the industry sector.
On the other hand, growth in the Services sector is lower than that in Q2 2013 at 7.8 percent and Q1 2014 at 6.8 percent. Meanwhile, Agriculture rebounded to 3.6 percent from a decline of 0.2 percent in Q2 2013.
Gross National Income (GNI) accelerated by 7.3 percent from 6.4 percent in the same period last year with the continued inflow of remittances that boosted the rebound of Net Primary Income from the Rest of the World by 12.7 percent from a decline of 1.2 percent last year.
For the first semester of 2014, GDP grew by 6.0 percent from 7.8 percent in the first semester of 2013 while GNI accelerated by 7.2 percent from 6.8 percent.
On a seasonally adjusted basis, GDP accelerated by 1.9 percent in the second quarter of 2014 from 1.4 percent the previous quarter while GNI maintained its growth at 1.5 percent. All major sectors posted positive growth in seasonally adjusted terms for the second quarter of 2014. In particular, the Industry sector posted a growth of 2.8 percent in the second quarter of 2014 from 1.0 percent the previous quarter. Similarly, Agriculture accelerated by 1.3 percent from 0.4 percent in the previous quarter. However, Services slowed down to 1.4 percent growth in the second quarter of 2014 from 1.9 percent in the previous quarter.
With the country’s projected population reaching 99.7 million in the second quarter of 2014, per capita GDP grew by 4.6 percent from 6.0 percent of the same quarter of 2013. Per capita GNI grew by 5.5 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 3.6 percent, from 4.6 percent and 3.3 percent in the previous year, respectively.