Philippines GDP: likely to hit 6% growth

Even with the crisis in Europe, low growth in the United States and slow down in China, the Philippines still expects to hit 5-6 % GDP this year.
Earlier this month President Benigno Aquino was confident that the country would meet this growth target especially with infrastructure spending
planned.

With its foreign debt servicing made easier with its long-term foreign currency-denominated debt rating being raised to BB+ from BB by S&P in
July, it is expected that its debt servicing would be easier into the future. The president highlighted that its growth would be driven by
infrastructure development, agriculture, public spending and investment.

In the wake of Tropical Storm Haikui and Tropical Storm Ondoy in 2009 it was estimated that typhoon Ondoy caused PHP11 billion (US$263 million) in damage while Haiku caused economic losses estimated at approximately $239m  with PHP100 million (US$2.4 million) payouts from insurers .  From the recent calamities,  infrastructure growth can arise.  This development includes an earmarked US$629 million to install pumps in strategic locations in Manila and in other parts of the  country, dredge waterways and rivers and build and strengthen dykes.

The country is one of the highest growth countries in the world at the moment and is expected to attract further foreign direct investment with
Singapore-based Harr mentioning in a September 14 interview that the Philippines will likely attain investment grade credit rating by 2014.

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