Tuesday, Oct 21, 2014Tuesday, Oct 21, 2014
SE Asia
 

'Remarkable' growth for Philippine economy despite disasters: Government

Published on Jan 30, 2014 2:00 PM
 

MANILA (AFP) - The Philippine economy was one of the fastest-growing in Asia last year after shrugging off devastating natural disasters and expanding at a "remarkable" pace in the final quarter, the government said on Thursday.

The economy grew by 6.5 percent in the last three months of the year even as a super typhoon claimed thousands of lives and an earthquake struck popular tourist islands, Economic Planning Secretary Arsenio Balisacan told reporters.

"This is a remarkable turnout," Mr Balisacan said, as he emphasised the final quarter expansion was expected to be the fastest in the Asia-Pacific after China, which recorded annual GDP growth of 7.7 percent last year.

Growth for all of 2013 was 7.2 percent, the fastest since President Benigno Aquino came to power in 2010 and exceeding the government target of 6.0-7.0 percent.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos