RP economy to grow 7.1%

RP economy to grow 7.1%

MANILA (AFP): Philippine President Fidel Ramos forecast yesterday the country's gross national product (GNP) would grow 7.1 percent year-on-year in 1996.

"The latest reports indicate that economic growth this year is likely to hit 7.1 percent, up from 5.5 percent last year and 5.1 percent the year before," Ramos said.

The president was speaking to delegates at an international conference of local government officials.

Economists have predicted 6.5-to-7.5 percent annual growth in the Philippines' GNP, which climbed 7.06 percent year-on-year in the first half of 1996.

Ramos attributed the growth forecast to "efforts at rebuilding relations with ... three major dissident groups," referring to the country's Moslems, communists and former military rebels.