Philippine economy to grow faster in Q3

Despite the series of typhoons that battered the Philippines in the third quarter, a senior government official said Monday that the country's economic growth could be higher in July to September. National Economic and Development Authority (Neda) director general Arsenio Balisacan said economic growth in the third quarter may surpass the 3.2 percent registered in the same period last year. The Philippine government is banking on the robust performance of the services sector, particularly companies in the local business process outsourcing industry (BPO) to buoy growth. For the whole of 2012, Neda has earlier said that economic growth will likely settle at 6 percent on the back of the good performance of the services sector as well as the increase in public spending. The increase in government spending and the resiliency of the services sector to global economic uncertainties enabled the Philippines to post an economic growth of 6.1 percent in January to June. To achieve a 6-percent economic growth rate, Balisacan said gross domestic product for July to December should grow by at least 4 percent. Enditem