According to a survey by Huffington Post, the Philippines was chosen as one of the “10 Places to Go” in 2014 because the mix of “cosmopolitan affordability and splendid nature” makes it a destination that offers a lot for the money.
People power helped the country survive even the worst of calamities, President Aquino said as he highlighted the spirit of the EDSA People Power revolution that toppled the Marcos dictatorship 28 years ago today.
President Benigno Aquino III on Friday said the government is determined to cement the country's position as one of the world's vacation hot spots after international tourist arrivals in the country jumped by 9.56 percent in 2013 to 4.68 million from 4.27 million in 2012.
The country's merchandise exports jumped by 15.8 percent in December 2013, growing for the seventh consecutive month and surpassing other selected countries in Asia, the National Economic and Development Authority (NEDA) reported on Tuesday.
The Philippine economy expanded by 7.2 percent last year, surpassing market and government expectations, and it is expected to continue expanding between 6.5 and seven percent in the next decade although London-based Capital Economics warned that the change in leadership in 2016 could be a major setback for the country.
Beating government expectations, the Philippine economy expanded by 6.5 percent in the fourth quarter of 2013, bringing last year's full gross domestic product (GDP) growth to 7.2 percent, the government announced on Thursday.
The 2013 GDP growth is higher than the 6.8-percent posted in 2012. The country's GDP grew by 3.7 percent in 2011 and 7.6 percent in 2010.
The Philippines on Sunday won global praise as well as pledges of support to help in achieving lasting peace and economic development in Mindanao following the signing between the government and the Moro Islamic Liberation Front (MILF) of the last agreement needed before the conclusion of a final peace accord.
The IMF has upgraded its full-year forecast for Philippine economic growth to 6.3 percent this year on the back of reconstruction efforts following Super Typhoon Yolanda and the expected rise in merchandise exports.
“We upgraded the 2014 [forecast] to 6.3 percent based partly on slightly better advanced economies outlook which would mean the external sector in the Philippines would improve,” IMF resident representative said in a briefing yesterday.
The Philippines jumped 8 spots to 89th in the 2014 Index of Economic Freedom, released by The Heritage Foundation and The Wall Street Journal on Tuesday.
In a statement, Presidential Spokesperson Edwin Lacierda said the country's 89th ranking reflects "significant improvements" it has made in seven of the 10 economic freedoms...