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Thursday, January 31, 2013

MANILA — The Philippine government says the economy expanded to 6.6 percent in 2012 with a 6.8 percent growth noted in the fourth quarter lifted by a strong performance from service industries.

The government said Thursday that the robust growth was led by household spending, which was facilitated by low inflation and remittances from millions of overseas workers.

Economists have credited renewed confidence in the Philippines on President Benigno Aquino III‘s push to reduce graft and improve governance following a succession of corrupt governments.

Services rose 7.4 percent in 2012, industry was up 6.5 percent, and agriculture rose 2.7 percent.

The economy grew a feeble 3.9 percent in 2011. It still faces challenges, including decrepit infrastructure, rampant poverty and unemployment, and low foreign investment(AP/Sunnex)