Philippine Economy To Grow 5.4% in 2007

(Tuesday, March 27)- The Philippine economy is likely to grow 5.4 percent this year, lower than the government's forecast of 6.1 percent, the Asian Development Bank said Tuesday, warning that modest growth was unlikely to reduce unemployment. The country's fiscal deficit has narrowed significantly due to a rise in the value-added tax rate, while robust remittances from millions of overseas workers, low interest rates and higher government expenditure will keep the economy on the growth track, the ADB said. (Yahoo Finance, AP)