HispanicBusiness

Despite the specter of worse financial troubles in the Eurozone, the Philippines is expected to hit 5-6 percent growth target for the year, President Benigno Aquino III said on Wednesday, local time.

Mr. Aquino made the statement at the IBM Think Forum here in Metro Manila, where he narrated positive developments in the Philippine economy in the face of worrisome external developments.

"I am sure you have all heard that, in the second quarter of 2012, the Philippine economy grew by 5.9 percent," he said. "If all goes as planned, we'll be on target in achieving between 5 to 6 percent GDP growth for 2012."

In a media interview, Mr. Aquino said economic growth will be driven by infrastructure development, investment, agriculture and public spending, and that computations for the first two quarters of the year -- 6.3 percent and 5.9 percent, respectively, showed average growth exceeding target.

The President said that emerging markets like the Philippines " are given the opportunity to make the most of their competitive advantages and become prime locations for investment" as capital flowed out from developed but troubled economies.