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.
A major earthquake and Typhoon Haiyan dampened Philippine economic growth in the first quarter but the economy is still expected to hit its target for 2014, officials said Thursday.
The Philippine economy will more than double in the next decade as earnings from overseas workers and business outsourcing surge, a respected U.S.-based think tank said Monday.
Philippine exports surged at their fastest pace in more than three years in February, led by a robust manufacturing sector and growing electronics shipments, official data showed Thursday.
Dollar loans extended by banks in the Philippines rose by more than 20 percent at the end of last year, driven by strong demand for financing because of a booming local economy.
Despite the series of calamities that struck last year, the Philippines registered a 9.56 percent growth in foreign arrivals in 2013.
The Philippines saw a 9.56-percent jump in foreign arrivals last year despite a series of natural disasters, the government said Thursday.1 Comment
The Philippine economy should grow 7.0 percent this year and between 6.5 and 7.5 percent next year despite the devastation caused by a killer typhoon and an earthquake, the government said Tuesday.
The Philippine economy expanded 7 percent in the third quarter, but growth is expected to slow because of devastation from the super typhoon that hit eastern and central regions earlier this month.