Philippine Economy Grows 7.8 Percent in Q1 at Fastest Pace since 2010

The Philippine economy expanded 7.8 percent in the first quarter, the fastest pace since 2010 and outpacing China, led by growth in services and industry.

Officials said Thursday that the quarterly growth rate was the highest since reformist President Benigno Aquino III took office in 2010 on a promise to fight corruption and cut poverty. Aquino’s allies won majorities in both houses of Congress in elections early this month, making it possible for Aquino to push through with his legislative agenda in the remaining three years in power.

The Philippines has bucked a regional trend of slowing growth amid recession in Europe and a slow recovery in the United States. It expanded faster than Asian powerhouse China, where the economy unexpectedly slowed to 7.7 percent growth in the first quarter.

Socioeconomic Planning Secretary Arsenio Balisacan said the Philippines hopes to achieve a target of 7 percent to 8 percent annual growth by 2016.

The fourth-quarter 2012 growth was revised from 6.8 percent to 7.1 percent. In 2012, the economy grew 6.8 percent.

via Mainichi

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza