Sign up | Log in



Home  >>   Daily News  >>   Philippines  News  >>   Economy  >>   Philippines sees 7 percent yearly growth
NEWS UPDATES Asean Affairs        29 January 2011

Philippines sees 7 percent yearly growth

Related Stories

January 20, 2011
Philippine dollar surplus tops target

January  13, 2011
Philippines sees slower growth

January 11,2011
Philippine peso to hit 40:$1

January  8, 2011
UBS sees higher Philippine inflation

January  6, 2011
Philippine 2010 inflation on target

December  28, 2010
Philippine inflation in check

December 25, 2010
 Philippines plans to remove financial

December  24, 2010
Philippine current account surplus widens

The Philippine economy is slowing down this year relative to 2010 when the country held national elections.

But not Bernardo Villegas, Ph.D.,a co-founder and trustee of the University of Asia and the Pacific (UA&P).

The economy as measured by the gross domestic product (GDP) would grow at least 7 percent in 2011 and in the years to follow, said Villegas, who has been called the "Prophet of Boom" for his rosy economic forecasts in the past. GDP, a key economic indicator, is the total cost of all final goods and services produced in the country in a year.

Earlier this year, the World Bank predicted that the Philippine economy would "stabilize" and settle down to "a medium 5 [percent] to 5.4 percent in 2011 and 2012 grounded in remittance-supported spending and further infrastructure development."

The GDP growth rate is expected to be released next week, but government officials earlier predicted an increase of 7 percent to 7.4 percent over the previous year.

For this year, the government predicts the economy to grow by 7 percent to 8 percent.

Villegas, a Harvard-educated economist, said during a media briefing, "In my experience, the worst forecasts come from the World Bank and IMF [International Monetary Fund]."

He conceded that 2010 benefited from election-related spending and from the last-quarter growth in the US economy that boosted Philippine exports, which was a mere blip. Worse, he added, exports might even slow down to 10 percent this year.

Still, Villegas insisted on his bullish forecast. In addressing his critics, he said, "My answer is investments, investments, investments."

In a prepared statement distributed at the briefing, he also credited remittances from overseas Filipino workers (OFWs), which could exceed $20 billion this year, and a good economic team assembled by President Benigno Aquino 3rd.

The primary drivers of growth would be infrastructure development, real estate and energy, Villegas said.

He added that he was equally bullish about a number of sectors, including business process outsourcing, agriculture, logistics, education and tourism.

The real bright spot, Villegas said, was that infrastructure development and real estate projects were being fueled by domestic capital-citing the numerous projects by the Sy family business empire and other large Filipino firms.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    29  January 2011 Subsribe Now !
• Taxes up in Cambodian casinos
Subcribe: Asean Affairs Global Magazine
• Inflation may harm Indonesia's central bank reputation Asean Affairs Premium
• Dynamics shift leads commodities rise
• Suu Kyi appeals for investment, support
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Philippines sees 7 percent yearly growth
• Chi-East rolls out in Japan, HK, S'pore
• Thai government predicts 4.5 percent growth
• Thai gold firm plans listing
Asean Analysis    30 January 2011 Advertise Your Brand
• WEEKLY SUMMARY Sponsor Our Events
Asean Stock Watch    28 January 2011
• ASEAN will finish the week well
Global News Impacting Asia    17 November 2010
• Bank of America sees Asian inflation
• Lloyd’s increases insurance push in Malaysia
• Wells Fargo analyst on euro
• Obama’s visit to Asia

ASEAN NEWS UPDATES      Updated: 04 January 2011

• Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand