The national economy reportedly grew by 3.2 percent in the third quarter, only slightly higher than the revised GDP growth of 3.1 percent for the second quarter and 4.6 percent in the first quarter. The continued economic slowdown is blamed largely on overseas developments such as high oil prices, continuing low demand for electronics, the March disasters in Japan, the poorly performing US and European economies and unrest in the Middle East. On the domestic front, reduced spending for public infrastructure projects along with delayed implementation of the PPP (public-private partnership) program of the government and the onslaught of typhoons this quarter contributed largely to the slowdown of the domestic economy.
In CAR, typhoons Juaning, Mina and Pedring that hit the Cordillera this quarter largely affecting Benguet, Ifugao and Mountain Province dampened the performance of the region’s agriculture sector. Still, higher revenues from IT companies operating in the Baguio ecozone, the higher value of the region’s metals despite lower production levels, and increased DTI-registered and SEC-registered investments may have kept the regional economy afloat this quarter.