Philippine economy likely grew near 7 pct in 2013

Posted at 01/15/14 12:46 PM


MANILA, Philippines - The Philippine economy likely grew at a pace close to 7% in 2013, hitting the government's official target, Budget Secretary Butch Abad said.

Abad said the government ramped up spending in December in an effort to rebuild Yolanda-hit areas.

That will be a turnaround from sluggish government spending seen since third quarter, when state finances came under the spotlight amid the alleged misuse of the so-called pork barrel.

Super typhoon "Yolanda" is widely expected to cool the economy, which expanded over 7% for most of 2013.

The official fourth quarter growth data will be released on January 30. - ANC