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Philippine economy expected to grow 5 pct in 2011: ADB

04-07-2011 10:00 BJT

MANILA, April 6 (Xinhua) -- The Philippine economy is seen growing by 5 percent this year if the government pushes through with its public-private partnership, Manila-based Asian Development Bank (ADB) said Wednesday.

According to its annual economic publication Asian Development Outlook 2011, the Southeast Asian country's economy will further expand by 5.3 percent in 2012 with growth being driven by investment and consumption.

"The economic outlook for the next two years remains relatively upbeat even (if) the monetary policy will gradually normalize, and fiscal conditions will be less accommodating amid government commitments to trim the budget deficit," ABD said.

It noted that the strong business sentiment in the wake of successful political transition in 2010, upgrades by credit rating agencies, and a high level of capacity utilization in the manufacturing sector point to robust momentum in private investment.

Private consumption is expected to remain strong as the strong economic recovery, which the country experienced in 2010, will likely continue this year.

"Our outlook for the Philippines hinges on the government following through on its plans to reduce the fiscal deficit, and improve governance and the business environment. Jump-starting the planned public-private partnerships will give investment a strong boost," said Neeraj Jain, Country Director of ADB's Philippines Country Office.

Editor:Yang Jie |Source: Xinhua

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