Exploration / Development > Leadership

Prices boost output in the Philippines

Exploration / Development > Leadership

Prices boost output in the Philippines

ALREADY riding on eight years of growth, the Philippine economy expanded by more than 5% in 2005, underpinned by record remittances from overseas, which bolstered consumer spending. Government pump-priming activities and private consumption have shrugged off the effects of high petroleum prices which continued to impact on several sectors of the economy, particularly manufacturing. Average inflation for the year was 7.6%, significantly above the target range of 4-6% due in large part to the oil-price shock. GDP rose by 5.1%, and GNP recorded a growth rate of 5.7 %.

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