Fastest Growth Since Q190 Boosts Outlook

The Philippines enjoyed its fastest growth rate in 17 years in the first quarter of 2007, as healthy domestic consumption, sustained export growth and increased government spending combined to boost growth to 6.9% y-o-y. Government officials have now said that the full-year target of 6.1-6.7% growth is well within reach, and could even be revised up after the Philippines recorded the third best first quarter performance of all Asian countries, trailing only Vietnam (7.7%) and China (11.1%).

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