PH economy to rise further in Q1

by Kathleen A. Martin,

Posted at Feb 13 2013 02:05 PM | Updated as of Feb 14 2013 07:28 PM

MANILA, Philippines - First quarter economic growth is expected to have outperformed the already faster-than-expected numbers seen in the third and fourth quarters of last year, Socioeconomic Planning Secretary Arsenio Balisacan said.

Aside from the usual domestic consumption and services sector, Balisacan said the manufacturing sector is foreseen to be one of the drivers for this quarter's growth.

"Manufacturing pace will continue to gain momentum coming from good performance since the third quarter," Balisacan said in the Philippine Economic Forum.

The economy expanded by 7.1% in the third quarter last year, and by 6.8% in the fourth quarter, bringing 2012 growth to 6.6%.

For 2013, the government aims to grow the economy 6% to 7%, still mainly driven by household consumption.