The National Economic Development Authority reported yesterday that Philippine exports finally ended an eight-month slump by growing 3% year-on-year. According to the report, the Philippines was the strongest performer among our East and Southeast Asian neighbors in terms of export growth in January this year.
Despite international economic unease, more encouraging reports on the Philippine economy continue to pour in. Yesterday, the Makati Business Club expressed bullishness on the prospects for the economy. In a poll conducted in the second half of February this year, a convincing majority of respondents (79.6%) said that economic growth for 2012 would be higher than last year’s 3.7%.
Optimism carried over to investments with 81.7% of respondents expressing confidence that 2012 approvals would increase from last year. There was also a significant improvement among member-companies that would make additional investments this year at 63.4% compared to just 56.7% last year.
This confirms the views of foreign analysts on the performance of the Philippine economy. The improving economic fundamentals of the Philippines express sustained confidence in the reforms undertaken by the Aquino administration. Our country is right on track toward inclusive, equitable growth.