MANILA, Philippines The Philippine economy grew by 7.7% in the fourth quarter of 2021, as loosening mobility restrictions boosted consumer spending and corporate activity, bringing full-year growth to 5.6 percent and raising hopes for a quick recovery this year.
“This year’s growth was far quicker than most analyst predictions, putting the country among the fastest-growing in the area. “Despite the impact of Typhoon Odette, this is a strong indication that we are on pace to speedy recovery,” Socioeconomic Planning Secretary Karl Kendrick Chua said in a press briefing Thursday, reading a joint statement from the government’s economic managers.
Chua cited Bloomberg data to claim that Singapore’s GDP grew by 7.5 percent last year, Vietnam’s by 2.6 percent, while the rest of the Association of Southeast Asian Nations (Asean) estimated growth ranged from 1% to 4%.
The full-year GDP growth of 5.6 percent in 2021 surpasses the Development Budget Coordination Committee’s target of 5.0 to 5.5 percent.
“We believe that by 2022, we will have not only recovered to pre-pandemic levels, but will also have achieved upper-middle income country status. Throughout the Duterte administration, we have implemented a number of game-changing changes, and we will not slow down in the coming months. “We will continue to undertake structural changes that will strengthen our growth prospects and make the country more robust to future crises,” he said.
He credited Congress with adopting the Retail Trade Liberalization Act and the Foreign Investments Act revisions.
Chua emphasized the importance of completing the economic liberalization reforms by completing the bicameral conference approval and passage of the Amendments to the Public Service Act before Congress adjourns in February.
“This significant legislation will allow foreign investment in important areas such as telecommunications and transportation, as long as the essential protections are in place. This would result in more meaningful job opportunities, increased innovation, reduced pricing, and higher quality goods and services for all Filipinos,” he added.
Despite the impact of Typhoon Odette, which lowered full-year growth by an estimated 0.05 percentage point, Chua, chief of the National Economic and Development Authority (NEDA), claimed the 7.7% GDP was accomplished in the last three months of last year.
“Right now, we’re working on the Post-Disaster Needs Assessment and several regional recovery plans, which we expect to finish by the end of the month so that we can speed up the recovery of these afflicted areas,” he said.
Economic managers are hopeful of surpassing pre-pandemic levels this year, according to Chua, citing last year’s robust economic performance.
“At the end of 2021, we’ll be pretty close to the pre-pandemic level. If you look at nominal levels, they are nearly identical; we are only a few hundred billion (pesos) short, so we will surpass it in 2022,” he added.
Meanwhile, Dennis Mapa, the Philippine Statistics Authority’s (PSA) chief and National Statistician, stated the country’s nominal GDP for full-year 2021 was estimated at PHP19.387 trillion, up from PHP19.518 trillion in pre-pandemic 2019.
Despite the fact that the risk of coronavirus disease 2019 (Covid-19) increased at the start of 2022 as a result of the highly transmissible Omicron variant, Chua said the country has experienced fewer severe cases and deaths than the total number of cases due to an accelerated vaccination program and improvements in the healthcare system.
“So, in the next weeks, I believe there will be an opportunity for us to drop the alert level. “As long as we go back to Alert Level 2 or lower by the end of this quarter, we’ll be on target for full-year growth,” he said.
According to the NEDA, moving the National Capital Region (NCR) Plus area from Alert Level 3 to Alert Level 2 is estimated to increase gross value added by PHP3 billion.
“This year, the biggest threat(s) is/are any unknown viral variants. Aside from that, there aren’t any surprises. “Inflation (oil and food) are two other threats that we are aware of and managing,” Chua said.
He added the country’s current policies are addressing the potential inflation risk posed by global food price increases, including greater support for the rice sector through the rice competitiveness development fund.
“As you are aware, all tariffs collected are used to help the rice industry boost productivity, and as you can see from today’s report, the rice sector grew strongly even during this period. “We’re working on a law to boost the productivity of the cattle, poultry, and dairy industries so that producers may improve their production while consumers benefit from cheaper pricing,” he continued.
According to Chua, the industry and services sectors expanded by 8.2 percent and 5.3 percent, respectively, for the whole year 2021, reflecting a substantial return from the previous year’s contractions.
He said the agriculture sector, on the other hand, had a minor drop of 0.3 percent as a result of ongoing issues such as African swine disease and severe typhoons.
Chua said that private consumption increased by 4.2 percent in 2018, a sharp contrast to the -7.9% growth in 2020.
“As a result of the eased quarantine rules and the faster vaccination program, consumer confidence is returning,” he stated.
According to Chua, investments grew by 19 percent in 2019, up from -34.4 percent in 2020, boosted by a 37.4 percent increase in public construction as the government pushed ahead with the implementation of the plan “Build, Build, Build” is a program to improve infrastructure. (PNA)
What will the Philippines’ GDP rank be in 2020?
In 2020, the Philippines’ GDP was $361,489 million, placing it 35th out of 196 nations in our ranking of GDP.
What country in the Philippines has the highest GDP?
From 1960 to 2020, GDP in the Philippines averaged 93.65 USD billion, with a top of 376.80 USD billion in 2019 and a low of 4.40 USD billion in 1962.
In 2021, which country will have the greatest GDP?
What are the world’s largest economies? According to the International Monetary Fund, the following countries have the greatest nominal GDP in the world:
Which country has the highest GDP in 2021?
The United States and China would rank first and second in both methodology’ gdp rankings by 2021. The nominal gap between the US and China is narrowing, since China’s gdp growth rate of 8.02 percent in 2021 is higher than the US’s 5.97 percent. In nominal terms, the United States will be $6 trillion ahead of China in 2021. On a per-person basis, China surpassed the United States in 2017 and is now ahead by $4 trillion, with the gap widening. On a per capita basis, China will continue to be the world’s greatest economy for the next few decades, since the US, which is rated second, grows slowly and India, which is placed third, lags far behind.
In terms of nominal GDP, the top ten would remain same. Iran has surpassed the Netherlands, Saudi Arabia has surpassed Turkey, and Switzerland has surpassed Switzerland on the top 20 list. South Africa’s economic ranking would rise eight places in the top 50, while Egypt would drop four places.
There would be no change in the top 10 list in the ppp ranking. Taiwan overtaking Australia is another change in the top 20. Ireland will move up three places in the top 50.
In the list of top 50, All economies will see a positive growth rate in 2021. With a 14.04 percent growth rate, Ireland is the fastest-growing economy, followed by Chile (11.00 percent ). Thailand has the slowest growth rate, at 0.96 percent, followed by the UAE (2.24 percent) and Japan (2.36 percent ).
In nominal terms, the United States (1,5) appears on both lists of the top 10 GDP and GDP per capita. In terms of GDP and GDP per capita, Germany (4,17), Canada (9,15), Australia (13,9), the Netherlands (18,12), and Switzerland (20,3) are among the top twenty countries. In both rankings, the United States (2,8) is in the top 10, while Germany (5,18) and Taiwan (18,15) are in the top twenty.
What is the size of the Philippines’ debt?
THE PHILIPPINES MANILA, Philippines In January, the Philippines’ total outstanding debt surpassed P12 trillion for the first time, as pandemic-related costs continued to grow despite dwindling government revenue.
On Friday, March 4, the Bureau of the Treasury announced that the total debt had climbed by P301 billion, or 2.6 percent, since the end of December. Debt has increased by 16.5 percent since January 2021.
External borrowing accounted for 30.4 percent of total debt, while domestic borrowing accounted for 69.6 percent.
Domestic debt increased by 2.4 percent, or P197.38 billion, from end-December to P8.37 trillion. This was mostly due to the government’s P300-billion interim advances from the Bangko Sentral ng Pilipinas.
External debt increased by P103.7 billion, or 2.9 percent, to P3.66 trillion at the end of December. The increase in external debt was caused by the weakening of the Philippine peso against the dollar and the net availment of external liabilities.
This is the Philippines’ greatest debt pile to date, limiting borrowing options for the future president.
Why is the Philippines so prosperous?
Minerals, farmland, wood, and coastal and marine resources abound in the Philippines. Natural resources provide for over 19 percent of the country’s wealth, contributing to the country’s steady GDP growth. Rapid economic expansion, on the other hand, is putting strain on the country’s already stressed natural resources, which is being worsened by the effects of global climate change.
Natural capital accounting is being implemented in the Philippines at a critical time, as the present administration stresses governance changes that include transparency and science-based decision-making in the pursuit of sustainable, inclusive, and resilient growth.
WAVES in the Philippines
The policy analysis and recommendations from the WAVES-Philippines accounts will give the government a better idea of how to deal with competing claims on the country’s natural resources. Furthermore, the findings of the continuing environmental accounting will be used to inform government plans in the upcoming Philippine Development Plan.
The story so far
Mineral accounting: From 2000 to 2012, preliminary physical and monetary asset accounts for gold, copper, nickel, and chromium were prepared.
A scoping study has been completed, and data collecting is presently underway for mangrove accounts.
Scoping visits to the Laguna Lake basin and Southern Palawan determined which ecological services should be included in the accounting.
Two places were examined for Laguna Lake: the Laguna de Bay region and the Laguna de Bay basin. A land account that looks at cover and changes (2003-2010), a water account, an ecosystem condition account, and an ecosystem services supply and use account are among the accounts established.
Land accounts show cover and changes; forest and carbon accounts show carbon sequestration and capture; an ecosystem condition account, an ecosystem service supply and use account, and an ecosystem asset account are among the accounts for Southern Palawan. The accounts were created at several levels, including the Pulot watershed, the municipality of Sofronio Espanola, and the entire province of southern Palawan.
Technical reports have been completed for both ecosystems, and policy analysis is under underway.
Country Steering Committee
Representatives from the Department of Budget and Management (DBM), the Department of Finance (DOF), the Department of Environment and Natural Resources (DENR), the Department of Agriculture (DA), the Philippine Statistics Authority (PSA), the Climate Change Commission (CCC), the Office of the Presidential Adviser on Environmental Protection (OPAEP), and the Union of Local Authorities of the Philippines (ULAP).
Is there a lot of gold in the Philippines?
The facts: According to official World Bank data, the Philippines has never ranked top in terms of gold reserves since 1960, the most recent data available, until now.
According to the latest data from the International Monetary Fund (IMF), the Philippines is only the 23rd country in the world with the biggest gold reserves, with 197.9 metric tons, as of June 2020, according to market development organization World Gold Council.