MANILA, Philippines - A poll of international economists conducted by Thompson Reuters showed the Philippine economy may have grown 5.4% in the third quarter of 2012.

A Reuters report on the survey said the growth, which remains to be one of the fastest in the world, was due to "strong domestic demand and a late spurt in exports."

It can be noted that in the first half of the year, the economy posted a growth of 6.1%, exceeding the Philippine government's full-year growth target of 5% to 6%. Growth in the second quarter was 5.9%.

"On a year-on-year basis, economists' growth forecast for the Philippines is better than Malaysia's actual 5.2% expansion and Thailand's 3%, and not far behind China's 7.4% and Indonesia's 6.2% growth," the Reuters report said.

The report quoted economists as saying that while the Philippine economy still faces headwinds due to weak global demand, which is affecting exports, domestic consumption, which accounts for three-fourths of the economy, will pick up the slack.

Domestic consumption is fuelled by remittances from overseas Filipinos that the World Bank expects to hit $24 billion by the end of the year. - Rappler.com