Philippines top 3 Asia economy grew

Aug. 30, 2012 - PRLog -- Philippine economy grew by 5.9% in the second quarter of 2012, outpacing most of the economies in Asia.

The gross domestic product growth for the second quarter was way above the Asean preliminary average growth rate of 4.7% and higher than the industry forecast of 5.4%.

The country’s GDP growth rate in the second quarter was higher was higher than Malaysia’s 5.4%, Thailand’s 4.2%, Vietnam’s 4.4%, and Singapore’s 2%.

Of the countries in Asia, only China, with a GDP growth rate of 7%, and oil-rich Indonesia, with a GDP growth rate of 6.4%, were able to outperform the Philippines in the second quarter.

The economy grew by 6.1% in the first half, above the official target of 5% to 6% for the year. Balisacan said that the government would stick to target.

In the first quarter, Philippine economy grew 6.4%, outpacing its Southeast Asian Neighbors and far surpassing the IMF growth forecast of 3.5%.

Philippines Stock Exchange Index hit an all-time high, showing just how confident investors are about Philippine assets. Bloomberg said that the peso was the best performer among the 11 major Asian currencies.

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