PHL Q1 GDP likely grew 4.8%-5.8%, says govt

The Philippines' gross domestic product (GDP) likely grew between 4.8 percent and 5.8 percent in the first quarter of the year, bolstered by marked improvements in the agriculture sector, Socioeconomic Planning Secretary Cayetano Paderanga Jr. said Monday. In the first three months of the year, farm output grew by 4.1 percent, the fastest first-quarter growth in seven years, according to the Department of Agriculture. This would likely grow anywhere between 4.5 percent and 5.5 percent by end-2011, Agriculture officials said, and is seen to buoy overall economic growth this year. The National Statistical Coordination Board (NSCB) is expected to release first-quarter economic data next week. In 2010, the country's GDP grew 7.6 percent — based on the revised NSCB data — the highest growth rate recorded in over three decades, Election-related spending, exports and the recovering global economy fueled last year's stellar growth. — JMT/VS, GMA News