Philippine GDP growth to top 6.5% in 3 months

Employees sit in front of computer screens as they work in a SPi Global call centre in Manila. Philippines economic planning secretary Arsenio Balisacan said yesterday the country will probably end three quarters of slowing growth with expansion exceeding 6.5% in the three months through March.

Bloomberg/ManilaThe Philippines will probably end three quarters of slowing growth with expansion exceeding 6.5% in the three months through March, economic planning secretary Arsenio Balisacan said. The peso gained.Rebuilding after Typhoon Haiyan, and stronger exports and tourism will help boost growth this quarter to above the 6.5% pace recorded in the previous three-month period, Balisacan said in an interview in his office in Manila yesterday. The economy will also benefit from increased revenue from the outsourcing industry, he said.“The fundamentals are pretty strong and the private sector remains quite bullish on the economy and profitability of firms,” Balisacan said. The recent weakness in the peso is “not a problem at all, and even better for employment and the economy” as it bolsters export industries, he said.The Philippines is poised to remain among the five fastest-growing economies globally this year, according to Bloomberg surveys, as President Benigno Aquino bolsters infrastructure spending. Gross domestic product rose 7.2% in 2013, and Balisacan said yesterday the government is confident of meeting its goal of boosting expansion to as much as 7.5% this year.The peso rose 0.1% to 45.34 per dollar as of 3:24 pm in Manila, according to Tullett Prebon Plc. It had earlier slumped to 45.475, the lowest level in more than three years.