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Philippines News Agency

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The Philippines News Agency

The Philippines News Agency (PNA) is a web-based newswire service of the Philippine government. The PNA Headquarters are housed at the 2nd floor of the PIA building along Visayas Avenue, Quezon City. PNA's website address is http://www.pna.gov.ph

It has been 35 years since PNA was launched in an era when newswire operations relied mainly on teletype machines and typewriters. PNA has steadily paced the highly competitive and changing arena of Philippine journalism; it is now slowly but surely coming to par with the challenges posed by the globalization of media communications. This has deeply shaped modern journalism and the news media organizations that have been instrumental in creating the very conditions that made globalization a reality.

PNA has evolved today as an Internet-based news service agency that caters to the global demand for news and information to its subscribers, readers and a host of other clients. PNA's mission is spelled out clearly: to provide the government, the Presidency, the public, as well as its media and non-media clients, both local and foreign based, sober, factual, impartial and objective news and information. PNA provides news 24/7, including photos of major events, feature stories, sports news and events, local and global opinions, general information, as well as global news and feature stories. PNA employs about a hundred journalists and stringers across the country, with several foreign-based correspondents.

PNA beat reporters and stringers are deployed practically in every government office and agency, including the main offices and camps of police and security forces, to provide news 24/7 for local, regional and global subscribers and readers. PNA likewise maintains active news exchanges with news agencies of ASEAN member-countries and the Organization of Asia-Pacific News Agencies (OANA).

Philippines News Agency
www.pna.gov.ph
pnadesk@yahoo.com
+63 352 43 28,
+63 352 43 34,
+63 352 43 35
Latest Press Release
Press conference on the Performance of the Philippine Economy in 2016 Q3. (PNA)

Press conference on the Performance of the Philippine Economy in 2016 Q3. (PNA)

PHL still fastest growing among Asia's emerging economies with 7.1% growth in Q3 2016

MANILA, (PNA) -- The Philippine economy remained the fastest growing among Asia's emerging economies after growing 7.1 percent in the third quarter of 2016, giving a strong boost to its growth prospects this year and next.

The country’s third-quarter gross domestic product (GDP) is higher than China’s 6.7 percent, Vietnam’s 6.4 percent, Indonesia’s 5.0 percent, and Malaysia’s 4.3 percent. India has not yet released its data.

The 7.1 percent figure brought the GDP in the first nine months to 7 percent, the higher end of the government’s 6 percent to 7 percent target for the year. GDP grew 7 percent in the July-September quarter.

“For the full year, we are not revising (upward the growth target) anymore. We do the target to inform our budget decisions. We stick to the target but hopefully, we will overshoot the 6 to 7 percent,” said Rosemarie Edillon, National Economic and Development Authority (NEDA) Undersecretary for Policy and Planning.

The services sector, which accounted for 4.1 percent of the total GDP in the third quarter, grew slower by 6.9 percent from 7.2 percent during the same period last year.

Edillon attributed the lower growth to the slowdown in the communications subsector, which she considered “temporary” as the two large telcos went into a buyout deal with San Miguel Corp. over its control of specific frequencies.

Government data indicated the industry sector, which contributed 2.8 percent to total GDP during the period, rose 8.6 percent from last year’s 6.1 percent. Growth in manufacturing and construction mainly boosted the sector.

After five consecutive quarters of decline, the agriculture sector accelerated 2.9 percent from -0.1 percent during the same period last year.

“It has recovered from the prolonged drought brought by the El Niño phenomenon, which already dissipated in the third quarter of 2016,” said Edillon.

The industry and agriculture sectors accounted 2.8 percent and 0.2 percent, respectively of the total GDP in the third quarter.

“All things considered, our economy’s strong growth in the third quarter is a very good sign of things to come. Together with a low inflation environment, a sustained strong growth bodes well for continued poverty reduction this year,” Edillon added.

The NEDA official is optimistic that the robust economic growth this year and next would be sustained.

“The services sector and the sustained strong fiscal spending will also likely continue to drive growth in the fourth quarter. Robust domestic demand will continue to bolster growth in the near-term,” Edillon said.

For the fourth quarter, the country only needs to attain at least 3.4 percent growth to attain the low-end target of 6 percent; and 6.9 percent to reach the high-end target of 7 percent.

Edillon said the government so far is maintaining its 6.5 percent to 7.5 percent growth target for 2017.

“We will have to revisit that in the next DBCC (Development Budget Coordinating Committee) meeting. In terms of the risks, there is still uncertainty. The economic situation of the US (United States), we are hoping that a (Donald) Trump presidency will actually make the US a great economy,” she added.

Edillon identified the tourism and manufacturing sectors as among the economic drivers next year.

”Hopefully, more of tourism (in 2017) because of the ASEAN hosting… And we are hoping the (peso) depreciation would actually induce expansion in the existing domestic industries. What we need to do also is to be able to penetrate other markets, expand our markets,” she said. (PNA)