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17/12/2013: STATEMENT OF ECONOMIC PLANNING SECRETARY ARSENIO M. BALICASAN ON THE 2013 3RD QUARTER PERFORMANCE OF THE PHILIPPINE ECONOMY

We are pleased to report to you that the Philippine economy grew by 7.0 percent this third quarter. This is the fifth consecutive quarter that growth is at least 7.0-percent, buoyed by the expansion in consumer spending, higher business and consumer confidence, favorable interest rates, stable inflation, strong inflows of overseas Filipinos remittances, high inbound tourism, and an optimistic domestic economic outlook. Our country remains as one of the best performing economies in the region for the quarter, second only to China, and outpacing Indonesia, Viet Nam, Malaysia, and Thailand. Moreover, growth for the first nine months of this year reached 7.4 percent from the same period in 2012, still above the 6-7 percent target that the Development Budget Coordination Committee or DBCC has set for 2013. This implies that the Philippine economy only needs to grow between 2.0 and 5.7 percent in the fourth quarter of 2013 in order to attain the DBCC growth target for the whole year.

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