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PERSONAL CONSUMPTION EXPENDITURE RISES IN PHILIPPINES IN 2002.
MANILA, Feb 4 Asia Pulse - A low inflation rate and increased remittances from the overseas Filipino workers (OFWs) have contributed significantly to the growth in personal consumption expenditure (PCE) in 2002.
A report of the National Statistics Coordination Board (NSCB) noted that PCE grew by 3.9 per cent in 2002, up from 3.6 per cent the previous year, largely due to increased spending on food, transportation and communication and miscellaneous services.
The NSCB found that food expenditures accounted for almost 53 per cent of the total PCE or about P1.25 trillion (US$23.2 billion), thereby contributing 1.6 percentage points to the 3.9 per cent growth of total PCE.
The report also showed that the expansion in education, personal, medical and health, recreational and other miscellaneous services pushed total miscellaneous expenditures to a 5.3 per cent growth, which translates to a 15 per cent share to total PCE level.
It also indicated that total miscellaneous expenditures reached P625.76 billion in 2002, up from P564.97 billion in 2001 while household operations cost P328.39 billion, which also increased from the previous year's level of P310.58 billion.
The same report noted that personal spending on fuel, light and water reached a total of P131.74 billion in 2002, compared to P123.88 billion in 2001. Spending on ...
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