Philippines economic growth to continue

The Philippines economic growth should continue this year and next.

"In 2013, growth is expected to remain strong at 6 3/4 percent, easing to about 6.0 percent in 2014, which is still somewhat faster than potential output," 

Both figures would be below the 6.8 percent gross domestic product (GDP) expansion in 2012, and the 7.6 percent advance in the first half of 2013, the latter underpinned by robust consumption and investment amid subdued export markets.

With the healthy first-half data, the government now expects full-year growth to exceed its 6-7 percent target.

The fiscal deficit should come in within the 2.0 percent of GDP budget target this year as higher spending is offset by an increase in revenues.