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Philippines Economy Sept 13

PHILIPPINES
Economy
September 13, 2007
GDP to grow 6.5% in 2007
Standard Chartered Bank has raised its economic growth forecast for the Philippines in 2007 to 6.5 percent from 5.1 percent previously, Philippine media reported on Thursday.

The bank also raised its economic growth forecast in 2008 to 5. 3 percent from 4.5 percent, ABS-CBN reported.

In its latest report, Standard Chartered said it expected domestic demand to grow significantly this year after strong private consumption, government spending and domestic investment in the second quarter.

"A favorable job market, especially services, should support private consumption, especially if OFW (overseas Filipino worker) remittance inflows are undisrupted," economist Francis Cheung with Standard Chartered said.

She said that remittances from overseas Filipino workers may rise by 10 to 15 percent this year.

Remittances rose 18 percent year-on-year in the first half of the year but its growth may slow down along with the economy of the United States, where over half of the country's remittances come from, Cheung said. Xinhua reports

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