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Philippines revises up 2012 growth outlook to 6-7%  Join our daily free Newsletter

MENAFN - 29/11/2012

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(MENAFN) The Philippine inter-agency Development Budget Coordination Committee (DBCC) stated that the country's gross domestic product (GDP) is expected to post a growth of between 6-7 percent in 2012, reported Xinhua News.

The DBCC said that the figure is up from a previous forecast of 5-6 percent.

In the third quarter, the country's economy grew by 7.1 percent and by 6.5 percent in the January-September period.

By the end of the current year, foreign direct investments (FDI) will grow to USD1.5 billion, from an earlier forecast of USD1.2 billion, noting that as of August, FDI stood at USD1.038 billion.

It is worth noting that the balance of payments (BOP) surplus forecast for 2012 was also raised to USD6.8 billion, compared with the earlier projection of USD2.7 billion.

 






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