Aquino: PH economy to accelerate in 2nd quarter

Posted at 07/02/2012 7:01 PM | Updated as of 07/03/2012 5:15 PM

MANILA - Philippine economic growth will accelerate in the second quarter after expanding at a 6.4 percent annual rate in January to March, the highest in six quarters, President Benigno Aquino said on Monday.

"My economic team tells me that the second quarter will be even more" than the first quarter, he told Reuters in an interview. "It would be better than that."

The Philippines is targeting growth of 5-6 percent this year, fueled by higher state spending on infrastructure and healthy domestic consumption that is boosted largely by an average of more than $1.6 billion in remittances sent home monthly by Filipinos working and living overseas.