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21-Sep-2017 08:31

But first-quarter economic figures did not support what the government has been proclaiming; growth slowed down to a three-year low, and analysts blamed this on poor government spending and a reduction in exports.

Gross domestic product growth was the slowest since the three months through December 2011.

Services sustained its growth at 1.5 percent in the first quarter of 2015 from 1.4 percent in the last quarter of 2014.

Underspending or the failure of the Aquino administration to efficiently make use of the yearly budget totaled P529 billion from 2011 to 2014 based on former Budget Secretary Benjamin Diokno’s estimate.

The government’s economic officials have admitted that the effect of massive underspending under the Aquino administration had a lot to do with the disappointing 5.2-percent growth in the first quarter, despite earlier claims this year that it was ramping up its expenditures through frontloading.

Frontloading is when the government bunches up the release of the budget in the initial part of the year, which economists believe would have the effect of stimulating growth.

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The economy maintained its growth due mainly to the remittances of an estimated 10 million Filipinos working overseas who contribute something like billion each month to the economy, and the business process outsourcing (BPO) boom that is keeping private construction healthy while immensely contributing to reducing the employment problem, but only among English-proficient Filipinos.

He said agricultural outputs face the risk of a prolonged and more severe El Niño.

Reduced farm activities means more labor will be released in the agricultural sector, which will then join the work force in the industry and the services sectors that will result in higher overall unemployment or lower real wages or both.

Diokno said not only is the Philippines not attracting as much FDI as its Asean-6 peers (Indonesia, Malaysia, Singapore, Thailand and Vietnam), the flow of FDI has hit a bump in January this year.

Net inflows of FDI reached 3 million in January, lower by 71 percent year-on-year.

The economy maintained its growth due mainly to the remittances of an estimated 10 million Filipinos working overseas who contribute something like billion each month to the economy, and the business process outsourcing (BPO) boom that is keeping private construction healthy while immensely contributing to reducing the employment problem, but only among English-proficient Filipinos.

He said agricultural outputs face the risk of a prolonged and more severe El Niño.

Reduced farm activities means more labor will be released in the agricultural sector, which will then join the work force in the industry and the services sectors that will result in higher overall unemployment or lower real wages or both.

Diokno said not only is the Philippines not attracting as much FDI as its Asean-6 peers (Indonesia, Malaysia, Singapore, Thailand and Vietnam), the flow of FDI has hit a bump in January this year.

Net inflows of FDI reached 3 million in January, lower by 71 percent year-on-year.

Nothing has been done under the present Aquino administration to address the basic defects of the economy rather.