|Click to enlarge|
The economy has nowhere else to go but up after the administration of Noynoy opened the fiscal tap after several quarters of being tightly shut off.
It would not be surprising that the freeing of the flow of government funds was calculated to produce an economic boost just like what happened in the first quarter when the economy posted a 6.4 growth which the spin masters in Malacaang quickly attributed to Noynoys efforts for good governance.
The records showed that the industry did pick up to about a five percent growth mainly as a result of the increase in public spending that mostly went to infrastructure, thus giving life to industries dependent on government outlays such as cement manufacturers and contracting firms.
Also, the services sector that is largely being fed by the business process outsourcing (BPO) boom chalked up something like an eight-percent growth during the period. Also in this sector are the shopping malls which are the chief beneficiaries of an ever stronger growth in remittances from Filipinos working overseas..... MORE
Source: The Daily Tribune