With the destruction brought by typhoon “Yolanda” (Haiyan), Philippines fourth quarter growth was projected to slow down, but based on November data, Philippine economy is poised to have grown by 5.8 – 6.5 percent.
“When the November data came out, exports were much more robust than we thought,” Socioeconomic Planning Secretary Arsenio Balisacan told reporters.
“The manufacturing output was also robust and remittances and even consumption and investment continue to be quite robust,” he said.
Reports said that the Philippine economy likely expanded by 5.8-6.5 percent in the last quarter of 2013, with the strong domestic demand and exports possibly offsetting the impact of a typhoon in November, a senior government official said on Wednesday.
The government previously estimated growth in the fourth quarter likely slowed to 4.1-5.9 percent from a year earlier due to the destruction wrought by super typhoon “Yolanda” (Haiyan).
Balisacan also said he expected full-year 2013 GDP growth would likely be close to the high end of Manila’s 6-7 percent goal.