UN General Assembly
1974

93. Like most developing countries, the Philippines has been affected by the sharp increases in import prices, raising the probability of a deficit in our balance-of-payments position. Inflation, though our rate is among the most moderate in South-East Asia, has prevented further improvement in living standards without, however, causing a real decline. 94. Despite the expected difficulties, however, the gross national product of the Philippines increased by 5.8 per cent in the first eight months of 1974, a figure which is higher than in previous years, with the exception of 1973. Last year the Philippines was in the upper third in the roll of developing countries which exceeded the target growth rate set by the Inter-national Development Strategy for the Second United Nations Development Decade [resolution 2626 (XXV)\ in the field of manufactures, 95. As a result of measures taken to prevent massive rice shortages caused by typhoons, the Philip pines increased its grain production by 12 per cent, short of self-sufficiency, but enough to avert wide spread shortages in the event of expected natural calamities.