According to Finance Secretary of the Philippines Cesar V. Purisima, Philippines ranked third on the fastest growing economy in Asia after China with 7.4% and Malaysia with 6.2 percent. He also added that even the country have experienced major disaster from the previous year, the Philippines still gained above 5.5% GDP growth. The major contributors from the GDP growth are from agriculture (.1%), services (3.8%), and industry (1.8%).
For the last two years, 2014’s first quarter is lowest percentage of gross domestic product. In the year 2012 the annual GDP of the Philippines 6.8, and for 2013 reached 7.2.
A United Nations report ranks the Philippines third among ten Southeast Asian countries when it comes to modernizing trade procedures and systems. The country’s 86.02% score was calculated by implementing the most trade facilitation measures in the region.
Data shows the International Survey of Trade Facilitation covers 143 countries. Every two years, this survey is performed in order to gather information regarding trade facilitation methods across the globe. The 2019 survey revealed an average trade facilitation score of 65% for all Southeast Asia countries. The results for the Philippines were 80.65% in 2019 prior to the pandemic higher than the 2019 average score of 65%.
The Philippines maintained its 100% scores in the transparency and formalities categories, and greatly improved in the institutional arrangement and cooperation category, reaching 77.78% from 55.56% in 2019. Meanwhile, in the cross-border paperless trade category, the Philippines received a score of 61.11% from 55.56% and 85.19% from 77.78% in the paperless trade category.
The country’s 2021 performance placed it third in the Southeast Asian region, following Thailand with a score of 87.1%, and Singapore with a rating of 95.7%.
Despite the difficulties caused by the pandemic, the Philippines’ increased performance in trade facilitation can be attributed to several initiatives of the Bureau of Customs, including the development and employment of ICT systems, the full implementation of the National Single Window, and the creation of Customer Care Centers, among others.
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