Government of Singapore Investment Corporation

1
PHILIPPINE MACROECONOMIC PERFORMANCE AND
PROSPECTS 2002-2003
Presented by Secretary Dante B. Canlas National
Economic and Development Authority 2002
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Economic policies and strategies

• Macroeconomic stability based on budget
  deficit-reduction program
• Long-term industrial restructuring based on
  market reliance, privatization and liberalization
  of trade and investments

3
Macroeconomic Performance
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Comparative Growth Performance in 2002
Actual GDP Growth Rates in the Region
PHIL
INDO
MAL
SING
No Q3 data yet for Thailand
Sources NSCB, Official Government Websites
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GDP Production Sectors

• Growth was fueled mainly by the continued
  strength of services and recovery of industry.

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Services

• Robust growth of services was supported by the
  continued expansion in telecom, trade, and
  private services.

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Industry

• Industry expanded robustly, led by mining and
  quarrying and construction.

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Agriculture, Fishery Forestry

• Agriculture slightly contracted due to bad
  weather but the non-crop sector improved.

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Aggregate Demand

• Overall resilience of the economy is due to
  private consumption and the rebound in
  investments in fixed capital.

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Growth generated 823,000 jobs in July 2002
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Prospects
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Confronting our Economic Challenges

• Balance the budget by 2006
• Pursue inflation targeting amid capital mobility
  and flexible exchange rates
• Continue financial market reforms
• Invest in education, training, and health
• Gear agriculture, industry, and services towards
  global competitiveness
• Create high-wage and high skill jobs through
  human capital investments and technological
  progress
• Promote a culture of good governance in the
  public and private sectors

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Thank You