Philippines' Q4 growth in 2013 seen at 5.8-6.5 pct

Posted at 01/22/2014 12:28 PM | Updated as of 01/22/2014 12:28 PM

MANILA - The Philippine economy likely expanded 5.8-6.5 percent in the last quarter of 2013, with strong domestic demand and exports possibly offsetting the impact of a typhoon in November, a senior government official said on Wednesday.

"When the November data came out, exports were much more robust than we thought," Socioeconomic Planning Secretary Arsenio Balisacan told reporters.

"The manufacturing output was also robust and remittances and even consumption and investment continue to be quite robust," he said.

The government previously estimated growth in the fourth quarter likely slowed to 4.1-5.9 percent from a year earlier due to the destruction wrought by super typhoon "Yolanda" (Haiyan).

Balisacan also said he expected full-year 2013 GDP growth would likely be close to the high end of Manila's 6-7 percent goal.