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Philippine Economic Performance and Prospects

The Philippines: Making Things Happen. Mid-Year Economic Briefing 05 September 2006. Philippine Economic Performance and Prospects. Secretary Romulo L. Neri National Economic and Development Authority. Presentation Outline. What has been achieved so far? What are the numbers telling us?

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Philippine Economic Performance and Prospects

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  1. The Philippines: Making Things Happen Mid-Year Economic Briefing 05 September 2006 Philippine Economic Performance and Prospects Secretary Romulo L. Neri National Economic and Development Authority

  2. Presentation Outline • What has been achieved so far? • What are the numbers telling us? • What is the next wave of policy agenda?

  3. I. What Has Been Achieved So Far?

  4. Macroeconomic Performance (growth rates, in percent) 2nd Quarter 1st Semester 2005 2006 2005 2006 GDP 5.4 5.5 4.8 5.6 Agriculture 2.1 6.7 0.7 5.2 Industry 5.8 4.5 4.7 5.1 Services 6.4 5.7 6.7 6.1 GNP 5.8 6.6 5.3 6.5 Source: NSCB

  5. Growth in GDP and GNP, 1998Q1 – 20061H Source: NSCB

  6. Agriculture, Fishery & Forestry (Growth rates, in percent) Source: NSCB

  7. 2nd Quarter 1st Semester 2005 2006 2005 2006 INDUSTRY 5.8 4.5 4.7 5.1 Mining and Quarrying 13.6 3.5 4.8 2.7 Manufacturing 5.8 6.5 5.4 6.4 Construction 4.5 -3.8 2.3 -0.4 Elect., Gas and Water 3.2 3.4 2.7 4.0 Industry (Growth Rates, in percent) Source: NSCB

  8. 2nd Quarter 1st Semester 2005 2006 2005 2006 SERVICES 6.4 5.7 6.7 6.1 Transport., Comm., Stor. 7.0 4.1 8.7 5.4 Trade 5.9 5.2 5.8 5.2 Finance 11.7 10.0 12.1 12.2 O. Dwellings & R. Estate 3.9 5.8 5.3 4.7 Private Services 6.8 6.0 5.8 6.5 Government Services 2.7 4.4 3.2 3.8 Services (Growth Rates, in percent) Source: NSCB

  9. Expenditure (Growth Rates, in percent) Source: NSCB

  10. Exports now surging Source: NSCB

  11. Foreign investment flows FOREIGN DIRECT INVESTMENT, net (US$M) FOREIGN PORTFOLIO INVESTMENTS, net (US$M) Source: BSP

  12. Strong inflows from Overseas Filipino Workers (in US$ Billion) Sources: BSP and POEA

  13. Foreign currency reserves at historic high Gross International Reserves (levels, in billion) Source: BSP

  14. The peso gains strength Source: BSP

  15. Inflation is subsiding Monthly Inflation, 2004-2005 ( in percent) Source: NSO

  16. Stable and low interest rate environment

  17. II. What Are The Numbers Telling Us?

  18. Performance is on track; full-year targets within reach.

  19. MACROECONOMIC TARGETS (2006) (Growth Rates, in percent) Sources: MTPDP, DBCC

  20. III. What Is The Next WaveOf Policy Agenda?

  21. Policy Directions • Develop the countryside through the super regions • Increase infrastructure spending • Increase export competitiveness to capture a bigger share in international trade • Improve labor competitiveness and productivity • Develop micro, small and medium enterprises • Continue fiscal consolidation • Reforms for good governance

  22. The Philippines: Making Things Happen Mid-Year Economic Briefing 05 September 2006 Philippine Economic Performance and Prospects Secretary Romulo L. Neri National Economic and Development Authority

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