IMF FORESEES 7 PERCENT GDP GROWTH FOR PHILIPPINES

12 Jul 2013 11:19
MANILA, July 10 (Bernama) -- The International Monetary Fund (IMF) said it expects the Philippines' gross domestic product (GDP) to grow 7 percent this year thanks to strong domestic consumption, Xinhua news agency reported. "The economic growth momentum here (Philippines) is higher. The region's growth has been softer than expected, but the Philippines is an outlier," IMF resident representative Shanaka Peiris said during Wednesday's briefing. Peiris said strong consumption driven by billions in remittances and an acceleration in government spending could fuel local growth. The Philippines' economy expanded 7.8 percent in the first quarter. --BERNAMA EE