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Philippine economic growth seen 4.8pc in 2012, 5pc in 2013

Increased public spending, investment, and private consumption will lift economic growth in the Philippines over the next two years, but long-standing structural weaknesses remain an obstacle to reaching the government’s 7-8 percent growth target, the Asian Development Bank (ADB) says in a major new report.

ADB’s Asian Development Outlook 2012 (ADO 2012) said gross domestic product (GDP) growth for the Philippines is estimated to recover to 4.8 percent in 2012 and 5 percent in 2013, after posting a lackluster 3.7 percent in 2011.

"Remittances and lower inflation will sustain private consumption, and strong business sentiment will continue to support private investment. A pickup in public investment and accommodative monetary policy will also aid the Philippine economy," said Neeraj Jain, ADB’s Country Director for the Philippines.

(Source: Manila Bulletin)