MANILA, Philippines - (UPDATE) Philippine economic growth was little changed at 3.7 percent in the fourth quarter, as gains in consumer and government spending were offset by declines in exports and agriculture.

Full-year growth was also 3.7 percent, according to the National Statistical Coordination Board.

The fourth-quarter growth compares with 3.6 percent in the third quarter, which was revised from 3.2 percent. Economists in a Reuters survey estimated fourth-quarter growth at 3.8 percent. 

"This is clearly below trend and way below the potential growth the Philippines can deliver," said Jun Neri, economist at Bank of the Philippine Islands in Manila. "It highlights the necessity of more aggressive spending and easier monetary policy."

Consumer spending rose 6.7 percent, government spending 5.8 percent and investment 5.2 percent, the NSCB said. Service industries output rose 5.9 percent.

Exports dropped 5.5 percent, agricultural production fell 2.5 percent. Industrial production gained 2.5 percent.

"Accelerated public expenditure late las year helped make up for feet-dragging in the first three quarters," said Radhika Rao, an economist at Forecast PTE in Singapore. ``We expect the momentum to hold up this year."

"The government sped up spending to reflect growing concerns on growth prospects," said Trinh Nguyen, an economist at HSBC in Hong Kong. "We are confident that the government will do what it can to boost growth."

"If you look at Asia, the Philippines is one of the few whose growth accelerated from the third quarter," said Selena Ling, head of treasury research at Oversea-China Banking Corp. in Singapore. "If you want to cast your eyes across Asia to look for the next big story after Indonesia, the Philippines will be a candidate."