“We welcome the third quarter GDP figures showing broad-based growth across all sectors, going beyond market expectations and placing us above most of our ASEAN peers. Coupled with the multiple records set recently in our capital markets, the Q3 GDP figures show that investor and consumer confidence in the Philippines is definitely on an upward momentum.

“The 3rd quarter GDP growth rate of 7.1% shows that the economics of good governance or Aquinomics works. This brings growth for the first 3 quarters of 2012 to 6.5% driven by sustained government and private sector construction and consumption. This is the ultimate public-private sector partnership. Government takes care of fiscal sustainability, macroeconomic stability and continued business facilitation while the private sector responds with more investment and consumption.

“This economic performance is significant for several reasons. One, it is much higher than the trend growth of 4.7% in the past 10 years. Two, it was accomplished in a very difficult global economic environment. And three, it happened despite a 2.2% decline in mining, which shows that mining represents an extra gear for the Philippine economy once the regulatory environment is rationalized. The peace agreement once completed and fully implemented represents another extra gear that will unlock the significant potential of Mindanao.

“We will continue to focus on the fundamentals of Aquinomics to make sure that we are able to achieve our growth aspirations.