Philippine economy grows by 6.4 percent in the first quarter!

The Philippine economy grew by 6.4 percent in the first quarter of the year from 4.9 percent in the same period last year, according to the National Statistical Coordination Board.

The government had been forecasting first quarter expansion of between 5.0 and 6.0 percent, after global economic turmoil kept GDP growth last year to 3.7 percent.

GDP is the amount of final goods and services produced in the country.

The National Economic and Development Authority earlier said the Philippines’ GDP in the first quarter likely grew by upwards of five percent.

NEDA Director General Arsenio Balisacan credited the growth to more aggressive government spending. He said the Philippines should be on track to meet, if not exceed, the 2012 growth target of 5- to 6-percent.

Source: Darwin G. Amojelar, Interaksyon.com

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