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Philippine GDP growth this year may be higher than 6%

06-23-2010 12:00 BJT

MANILA, June 22 (Xinhua) -- Philippine economic growth for this year may even surpass the revised 5 to 6 percent GDP growth target on back of the global recovery, Philippine Acting Socioeconomic Planning Secretary Augusto Santos said Tuesday.

"There's a possibility that the 5 to 6 (percent) can be higher because of manufacturing, because of services because of global economic recovery," Santos told reporters.

He said that the revised GDP growth target for 2010 is " conservative" and would be revisited after the second quarter economic data are released in late July or mid-August, for another possible upward revision.

He added that the second quarter GDP growth "may be as good or even better" than the 7.3 percent GDP growth posted in the first quarter.

He believes that the impressive growth rate posted in the first quarter will be sustained for the rest of the year.

Santos said the slight increase of Philippine exports to Europe and steady remittances of Filipinos workers from Europe prove that the European debt crisis is not hurting the Philippine economy.

Editor:Du Xiaodan |Source: Xinhua

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