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The Philippine economy expanded by 6.4 percent in the second quarter and tied with Malaysia as the second fastest growing in Asia during the period, officials said Thursday.
 
The administration of Philippine President Aquino has proposed to allocate 239.8 billion pesos (US$5.5 billion) for the Manufacturing Resurgence Program, aimed at enhancing the local manufacturing sector.
 
Philippine monetary authorities raised key interest rates on Thursday for the first time in more than three years in a "pre-emptive" move to keep inflation under control.
 
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