The Philippine economy grew by 6.4 percent in the first quarter of the year, making it Asia's second fastest-growing economy after China's.
The Philippines' first-quarter expansion was also the fastest among Asean member-countries, according to Malacanang deputy spokesperson Abigail Valte.
"The better than expected economic growth was due to sustained private sector confidence and accelerated government spending. There were healthy increases in the services sector, complemented by growth in exports and increases in household expenditures," Valte said.
"The first quarter GDP figure validates the optimistic outlook of the President and his economic team," she said.
The Palace spokesperson said the country's first-quarter growth is also the highest in a non-election year since 2006.
"We are confident that the positive trajectory of our GDP will be sustained in the latter quarters of the year, which have traditionally shown more robust and dynamic economic performance," Valte said.
Socioeconomic Planning Secretary Arsenio Balisacan said the Philippines should be on track to meet, if not exceed, the 2012 growth target of five to six percent.
source: interaksyon.com
