Philippine Economy to Grow 5 Percent

The Philippine economy is projected to grow 5.5 percent in the first quarter of this year on higher government spending, according to the National Economic and Development Authority (NEDA).

“The leading indicators look good,” Socioeconomic Planning Secretary Cayetano Paderanga told reporters on the sidelines of the 45th Annual Meeting of the Board of Governments of the Asian Development Bank.

Data from the National Statistical Coordination Board (NSCB) show that the leading economic indicator (LEI) in the first quarter of 2012 posted 0.238 from a revised 0.158 in the fourth quarter of 2011.

“We are reasonably upbeat this year. I think our expenditure program is finally getting on track. We hope that we will get some beneficial breaks. Last year was a bit difficult,” Paderanga said.

The Aquino government is projecting a 5 percent to 6 percent GDP growth this year.

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