Economy grows 6.4%

The Philippine economy grew 6.4% in the first quarter of 2012, higher than expected, thanks to a strong showing by the services and industry sectors. This piece of good news comes amid a worsening eurozone crisis and the Philippine government’s own underspending. It’s also a huge jump from a dismal 4.9% growth in the same period last year. The economy seems to be gaining speed with the Philippines Stock Exchange outpacing benchmark indexes in Malaysia and Indonesia. Moody’s Investor Service has also revised the country’s outlook to “stable,” citing fiscal improvements.

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