The Philippines expanded an annual 7.5 percent in the second quarter, above the 7.3 percent market estimate, and compared with a revised 7.7 percent in the first three months of the year.
The Southeast Asian country has sustained annual growth of above 7 percent for four quarters in a row.
Like many of its neighbours in Southeast Asia, the Philippines has not been immune to the global downturn or fund outflows as the U.S. Federal Reserve starts winding down monetary stimulus.
The peso is down nearly 8 percent this year. Exports and imports fell more than 4 percent in the first half of the year.
But with a tenth of the Philippines’ 97 million population abroad and sending an average $1.7 billion in remittances every month, domestic demand in the country has remained solid, helping cushion the economy from slumping trade.
Can the Philippines sustain above 7% GDP growth for many years ?
The Philippine government hopes to have 7-8.5% GDP growth from 2013-2016.
Most others are projecting 5-6% GDP growth for the Philippines in 2014-2016.
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