Record Economic Growth

Despite the possibility of a U.S. recession in 2008, Citibank is projecting GDP growth of 6.5% for 2008 - well within the Philippine government's 6.3% to 7% target.

GDP growth was 7.3% for 2007, the best performance in 31 years - surpassing the government's 6.1% to 6.7% target; 5.4% in 2006; and 5.1% in 2005. The current overall trend is for the economy to continue rising steadily each year from its most recent low of 1.8% in 2001.

The Philippine peso is currently also Asia's best performing currency, bolstered by incoming foreign exchange remittances, which are expected to grow 10% reaching US$15.4B for 2008.