MANILA, Philippines - Upbeat business and consumer sentiments as well as sustained government capital expenditures lifted the Philippine economy to 7.8 percent, topping forecasts and becoming the fastest-growing economy in Southeast Asia.
The National Statistical Coordination Board revealed that the gross domestic product, the sum of all goods and services produced within the country, in the first quarter posted the highest growth so far under the Aquino administration.
"The Q1 growth is the highest so far under the Aquino administration and also the third consecutive quarter of more than 7.0 percent GDP growth," NSCB secretary general Jose Albert said.
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National Economic and Development Authority director general Artemio Balisacan said the country grew fastest in Southeast Asia, overtaking neighbors China and Indonesia, which had 7.7 percent and 6 percent GDP growth respectively.
"The numbers speak for themselves. The numbers exceeded market forecasts, including my own," Balisacan said.
Albert said the robust growth was boosted by the strong performance of manufacturing and construction, backed up by financial intermediation and trade.
On the demand side, increased consumer and government spending shored up by increased investments in construction and durable equipment contributed to the highest quarterly GDP growth since the second quarter of 2010.
The NSCB chief also cited the continued inflow of remittances from overseas Filipino workers, which accelerated the Net Primary Income from the Rest of the World to grow by 3.2 percent.
This boosted the Gross National Income (GNI) growth to 7.1 percent from 5.7 percent in 2012.
"All major sectors posted positive growth in seasonally adjusted terms for the first quarter of 2013," said Albert.
2012 growth figures revised
On Wednesday night, the NSCB also revised the 2012 annual GDP growth figures from 6.6 percent to 6.8 percent.
"The revision was brought by the upward revisions in Public Administration and Defense: Compulsory Social Security (PAD), Mining & Quarrying, Other Services, and Construction," the agency said.
Net Primary Income was similarly revised upward from 3.3 percent to 4.8 percent which consequently resulted in an upward revision of GNI for 2012 from 5.8 percent to 6.5 percent.
In contrast, the 2011 GDP growth figure was revised downward from 3.9 percent to 3.6 percent due to the revisions in Construction, Other Services and Real Estate, Renting & Business Activities.
The GNI for 2011 was also revised downward from 3.2 percent to 2.8 percent.
Meanwhile, GDP growth figure for fourth quarter of 2012 was revised upward from 6.8 percent to 7.1 percent due to upward revisions in Construction, Financial Intermediation and PAD.
"Released last January 2013, the preliminary GDP estimates for said quarter were based from limited data available 15 days after the reference period," the agency said.