Provinces growing, but people remain poor

Despite the growing economy, the plight of the poor still remains as they are being left behind in the development process. Economic Planning Secretary Arsenio Balisacan points out the reasons behind this phenomena and shared strategies to address and improve the situation.

Overseas Filipinos sent USD 22.8 Billion in 2013

BSP Logo and Building

BSP reports that remittances hit an all-time high of 22.8 billion US Dollars for the year 2013. For December alone, overseas Filipinos sent home a record 2.2 Billion US Dollars. The amount is an increase of 6.4 percent  year on year. USD 22.8 billion dollars represent about 8.4 percent of Gross domestic product in 2013.

Domestic Manufacturing Sector Leads Increase In Investments

The significant increase in last year’s investments by local enterprises in the Philippines will most likely encourage increase of foreign direct investments this year. According to the National Economic and Development Authority, foreigners will take the rising number of local businesses, particularly in manufacturing, as an indication of Filipino confidence in their own economic policies. The willingness of Filipinos to invest is therefore vital and a catalyst for the country’s continued economic growth.