The Philippines is the third fastest growing nation in Southeast Asia.
Data from the Department of Finance’s International Finance Group (IFG) revealed the country is  only overtaken by China and Vietnam since 2005 and by Indonesia since 2008.
The data lists the growth in gross domestic product (GDP) of six countries, which are all considered fast growing, according to the International Monetary Fund (IMF) and World Bank (WB).
The IFG is the arm of the DoF in-charge of working with the Bureau of Treasury in resource funding.
According to the data, the Philippines has been growing steadily since 2005, posting a 4.4 percent growth in GDP that year; 5.1 percent in 2006; 6.2 percent in 2007; 4.3 percent in 2008; 1.9 percent in 2009; 7.9 percent in 2010; and 3.7 percent in 2011.
China, now the lone economic superpower according to some sources, grew 11.7 percent in 2005; 14 percent in 2007; 9.8 percent in 2008; 9.7 percent in 2009; 10 percent in 2010 and 9.7 percent in 2011.
Vietnam grew 8.2 percent in 2005; eight percent in 2006; 8.1 percent in 2007; 6.1 percent in 2008; six percent in 2009.
In 2010, the Philippines edged Vietnam when the latter only grew 7.7 percent. The following year, Vietnam edged the Philippines when it grew 6.2 percent.
IFG executive director Lea de Leon, who is also an undersecretary, said the growth rate of the Philippines only shows that the country is better performing than some of its neighbors.
“Data shows we are growing higher than those other countries so that is positive,” De Leon told The Daily Tribune.
Indonesia started to overtake the Philippines in 2008 when it grew by six percent that year and 5.8 percent in 2009.
In 2010, the Philippines beat Indonesia when the latter only grew by 6.2 percent. The following year, Indonesia overtook the Philippines when it grew by 6.2 percent.
The data revealed that 2011 was a bad year for the Philippines as the country only beat Thailand for that year. Thailand registered zero GDP growth that year.
The two countries “behind” the Philippines — Thailand and Malaysia — overtook the country  last year as Malaysia posted a 5.6 percent growth that year.
Thailand only grew 4.3 percent in 2005; five  percent in 2006; 4.2 percent in 2007; 2.4 percent in 2008; -2 percent in 2009; 7.8 percent in 2010; and zero growth last year.
Malaysia has been edging the Philippines since 2005, growing 5.7 percent that year; 5.9 percent in 2006; 6.1 percent in 2007; and five percent in 2008.
Beginning 2009, the Philippines has been edging Malaysia as it posted a -1.7 percent growth that year.
The following year, it grew by 7.7 percent; and 5.7 percent in 2011. According to De Leon, the Philippines can expedite its growth if it will do what China has been doing since the early 80s.
“Address constraints to growth by increasing competitiveness; investing in human resources and increasing fiscal space,” De Leon said.