Socioeconomic Report 2005
The Socioeconomic Report (SER) 2005 summarizes what has been achieved during the year to meet national goals and targets spelled out in the Medium Term Philippine Development Plan. We believe in management by objectives, so we regularly compare these goals on paper with accomplishments on the ground.
To track these developments, we gathered reports from the various agencies of government. Our NEDA sector staffs then sifted through the data, analyzed performance gaps, and highlighted areas needing the most improvement. Indeed, information on failure was just as important as accounts of success.
In broad strokes, the year 2005 revealed how resilient the economy was. It was a time marked by high oil prices, political drama, a crippling El Niño drought, a severe slowdown in our exports, and price pressure from the expanded value-added tax (EVAT). Despite all these challenges, gross domestic product grew by a healthy 5.0 percent. A tough economy made it through tough times. Powering growth were massive inflows from overseas workers, foreign direct and portfolio investments, a booming outsourcing industry and the rediscovery of mining, among others.