"There is no denying it, the Philippines is having a fantastic year despite strong global headwinds," HSBC said in a research note Wednesday.
The stronger-than-expected growth brings more good news for the administration of President Benigno Aquino III, who last month signed a landmark peace deal with Muslim rebel leaders that moves to end the long-running insurgency in the nation's troubled south.
A strong service sector, accelerated growth of the industry sector and better than expected agricultural output led grow, Socio-Economic Planning Secretary Arsenio Balisacan told reportersWednesday. Household spending contributed more than half of the growth on the demand side, he added.
The 7.1% year-on-year growth in the third quarter was up from 6% growth in the second quarter. "Overall, we now expect the economy to expand by 6.3% this year, up from our previous forecast of 5.0%,"wrote Gareth Leather of Capital Economics in a research note. "Reflecting the economy's resilience, we are also raising our growth forecast for 2013 to 4.5%, up from 4.0% previously."
Original article here: http://edition.cnn.com/2012/11/29/business/the-philippines-economy/index.html