PHILIPPINES
Snapshot
In the fourth quarter, GDP grew 3.7% over the same period the year before, slightly above the 3.6% rise recorded in the previous quarter. In the full year 2011, the economy expanded 3.7%, down from 2010’s 7.6% rise, as falling exports in the second half of the year put a drag on economic growth. Remittances from Overseas Filipino Workers, however, showed resilience throughout 2011 and totalled USD 20.1 billion, up from the USD 18.8 billion recorded in 2010.
Forecasts
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