In an Interaksyon report, the National Economic and Development Authority (NEDA) said Monday that the full-year economic growth of the Philippines will likely exceed the government's target of 5-6%.
In the first half of the year, economic growth averaged 6.1% bulked up by remittance-led consumer spending and the services sector including the business process outsourcing (BPO) industry.
The second half of the year will possibly reach at least 6% as more Filipino consumers will engage into extravagant shopping spree and other social gatherings, speeding up domestic spending, in the gift-giving and reunion months fed up especially by the release of Christmas bonuses and extra-month pays.
Last month, credit ratings firm Standard & Poor's hiked its growth forecast for the Philippines while it cut or retained the outlook of the other Asian economies.
