MANILA, Philippines (Xinhua) - The Philippine economy is expected to expand by 6.2 percent this year on the back of strong private consumption, according to a report launched by the United Nation's regional development arm today.
The UN Economic and Social Commission for Asia and the Pacific' s (UNESCAP) latest forecast on Philippine growth is higher than the 5 percent it projected in its year-end update for 2012.
"Speedy growth could materialize if progress on the public- private partnership gains more momentum, helped by the upgrade of the country's rating to investment grade status in March," the UNESCAP's Economic and Social Survey of Asia and the Pacific 2013 report said.
The UN report, however, warned that poor demand for Philippine products in the country's major trading partners could slow economic expansion this year.
UNESCAP's projected economic growth for the Philippines this year is within the government's full-year growth target of 6 to 7 percent.