The Philippine economy grew 6.4% in the first quarter, exceeding market expectations. The Philippines' GDP growth was the highest among ASEAN countries.
Socioeconomic Planning Secretary Arsenio Balisacan said the roubust GDP growth was driven by higher government spending in the first quarter for infrastructure projects, as well as the conditional cash transfer program.
Remittances from overseas Filipino workers boosted consumer spending. More importantly, Balisacan said, the first quarter growth created a million new jobs. Dateline Philippines, May 31, 2012