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PIA Press Release
2006/10/20

Gov't eyes GDP growth of 5.5% in Q3

Quezon City (20 October) -- THE government is hoping to see economic growth of 5.5 percent or more in the third quarter from a year before, which would put the country on track for growth of at least 5.6 percent in 2006.

"We would like to maintain it, (third quarter) economic growth, at about 5.5 percent or possibly better," Economic Planning Secretary Romulo Neri told reporters.

"Exports are doing extremely well. We hope agriculture (growth) can be sustained."

Neri said he expected the Philippines to expand at an annual rate of 5.6 percent or more in 2006 after 5.0 percent in 2005. The government's previous growth target was 5.5 to 6.1 percent for this year.

Double-digit export growth, led by the electronics sector, and a recovery in agricultural output due to favorable weather helped the economy grow by 5.5 percent in the second quarter from a year before. In the first half, it grew by 5.6 percent.

The Philippines has been growing annually by between 4 percent and 6 percent since 2001, underpinned by a flood of cash coming into the country from about eight million Filipinos working abroad. (PIA) [top]

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