Philippines growth hit 30+ year record last quarter
Good news from a country long deserving of it: the Philippines economy more than doubled market forecasts and grew by 7.6% in the final quarter of 2010, its highest rate since the glory days of the mid 1970s. Industry and agriculture strengthened to make up for government spending cuts and the Philippines’ famous population of overseas workers is expected to send over US$20 billion back home this year.
The central bank might even need to increase interest rates to stave off inflation, as food and fuel prices also rise.
Like Indonesia, the Philippines is looking for investment for public-private partnerships in 10 key infrastructure projects likely to be auctioned off in the first half of 2011. Also like other countries in the region, forecasters predict growth will be more subtle in the coming year, leveling off to around 5% but with hopes for growth long promised but not seen until now.
source & article: Reuters via Yahoo! Singapore
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