SUMMARY
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The World Bank has raised its growth projection for the Philippines this year, but warned of “headwinds” from the global economic slowdown. It now sees the Philippine economy growing 4.6% in 2012, up from an earlier forecast of 4.2%. The upgrade reflects the economy’s better-than-expected 6.4% growth in the first quarter, it said. The Bank stressed that its latest projection did not factor in “possible intensification” of the global downturn, which may affect demand for the country’s exports, a major driver of growth.
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