Thursday, 4 February 2010

S&P bullish on Philippine economy

By Michelle Remo
Philippine Daily Inquirer

MANILA, Philippines—Standard & Poor’s has projected that the Philippine economy will outperform the government’s expectation and grow by 3.7 percent this year.

The government has set its economic growth target for 2010 at a range of 2.6 to 3.6 percent.

S&P said the Philippines will be able to follow through on its growth performance last year, when the country barely avoided a recession and grew by 0.9 percent while many other countries had registered contractions.

In its latest report, entitled “Global Credit Portal,” the credit-rating firm said one of the Philippine economy’s strengths is sustained growth in domestic consumption, which countered the ill-effects of declines in export incomes.

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