The Philippine economy sustained its growth momentum in 2004, essentially because of a remittance-driven domestic demand that fuelled private consumption growth and consumer spending. With interest rates and inflation rates kept at a minimum, market fundamentals remained strong, propping up the country's external accounts. This held the resilience of the economy to external shocks such as the steep oil price increase last year. GDP accelerated to 6.1% from 4.7% in 2003, and GNP recorded a similar 6.1% growth compared with 5.6% in the previous year. Sustaining the economy was a moderate growth of 4.9% in Net Factor Income from abroad, coming mostly from an increase in compensation income of overseas foreign workers (OFWs).
Be everywhere in mining
Access the industry's go-to information resource, with coverage that adds insight to industry topics, trends and issues that matter in the macro environment