Industry’s performance improved last year. Manufacturing expanded
by 5.4%, with strong growth in food processing in particular. However, the
communications equipment subsector, which includes semi...
shrank owing to weak export demand. Construction and utilities
expanded, so that industry as a whole accounted for one-third of GDP
growth. Agricultural output rose by 2.7%, mainly a result of higher
production of rice and maize.
Notwithstanding strong GDP growth, inflation eased in 2012 to
average 3.2% (Figure 3.28.3). Better harvests tempered food inflation.
Broadly stable global commodity prices and an appreciating peso helped
to contain price pressures.
Modest inflation and the fragile international economy prompted
Bangko Sentral ng Pilipinas, the central bank, to reduce policy interest
rates by 100 basis points in 2012, trimming the overnight borrowing rate
to 3.5% and the overnight lending rate to 5.5%. Bank lending interest rates
eased and credit extended to the private sector increased by 17.8%.
Government spending on infrastructure jumped by 58%, after a
decline of 29% in 2011 (Figure 3.28.4), but it still fell short of the budget
Note: Includes other capital outlays.
Sources: CEIC Data Company (accessed 23 March 2013) Department of Budget and Management. Various years.
Assessment of National Government Disbursements.
http://www.dbm.gov.ph (accessed 23 March 2013)
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