RP's GNP slows to 6%<\/p>\n
MANILA (AFP): The Philippines' gross national product (GNP)
\ngrew by 6 percent in the first nine months of 1997, down from 7.3
\npercent in the same period last year, Economic Planning Secretary
\nCielito Habito said Friday.<\/p>\n
Despite the slowdown, Habito said the GNP figure was "better
\nthan most expectations," adding that it was at the upper end of
\nthe government's projections of 5.5-to-6 percent.<\/p>\n
"We are confident that we will be able to attain our revised
\nGNP target for 1997 of 5.5 to 6 percent (growth)" said Habito.<\/p>\n
"The Philippine economy remained resilient in the face of the
\nfinancial difficulties which affected the Southeast Asian region
\nin the third quarter," he said.<\/p>\n
The third quarter spans the period from July to September.
\nHabito said gross domestic product (GDP) in the first nine months
\nof 1997 grew only 5.2 percent compared to 6 percent growth in the
\nsame period of 1996.<\/p>\n
GNP growth in the third quarter of 1997, from July to
\nSeptember, hit 5.7 percent compared to 6.9 percent growth in
\n1996, Habito said, adding that this was also better than
\nexpected.<\/p>",
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