The Philippines reports 6.6 percent growth in 2012
The Philippines’ economy registered a 6.6 percent growth in 2012, higher than the set target of between 5-6 percent and a big jump from the 3.9 percent seen in 2011.
The Philippines’ economy registered a 6.6 percent growth in 2012, higherthan the set target of between 5-6 percent and a big jump from the 3.9percent seen in 2011.
The country’s statistics officesaid on January 31 that the strong growth was induced by robustdevelopment of the services sector, good consumption and high governmentspending.
The service sector registered a year-on-yearincrease of 7.4 percent in 2012 and made up 3.8 percent in the country’sGDP. Consumption spending increased by 6.1 percent while governmentspending surged 11.8 percent.
Socio-economic PlanningSecretary Arsenio Balisacan said the country will try to maintain agrowth of six to seven percent in 2013.
He, however,warned of risks created from domestic and international impacts that theSoutheast Asian country may face in 2013 such as a shortage of energyand possible appreciation of the peso which may harm its exports.-VNA
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