Surpassing last year's growth of 4.2% for the same time period, the Philippine economy grew 5.5% in the first quarter of 2006. The results boosted confidence of robust growth for the whole of the year despite looming external threats, officials added. ...
Surpassing last year's growth of 4.2% for the same time period, the Philippine economy grew 5.5% in the first quarter of 2006. The results boosted confidence of robust growth for the whole of the year despite looming external threats, officials added.
The industrial sector rose 5.5%, up from 3.4%.
Victor Abola, an economist at the Manila-based University of Asia and the Pacific said GDP would likely grow at a steady pace of 5% this year due to the impact of high oil prices. "I'm cautiously optimistic about the economy's performance this year. I'm looking at a full-year growth of 5% but actual growth could be lower because high oil prices could impact on the purchasing power of Filipinos in the coming months," Abola said.
