RP's GNP slows to 6%

RP's GNP slows to 6%

MANILA (AFP): The Philippines' gross national product (GNP) grew by 6 percent in the first nine months of 1997, down from 7.3 percent in the same period last year, Economic Planning Secretary Cielito Habito said Friday.

Despite the slowdown, Habito said the GNP figure was "better than most expectations," adding that it was at the upper end of the government's projections of 5.5-to-6 percent.

"We are confident that we will be able to attain our revised GNP target for 1997 of 5.5 to 6 percent (growth)" said Habito.

"The Philippine economy remained resilient in the face of the financial difficulties which affected the Southeast Asian region in the third quarter," he said.

The third quarter spans the period from July to September. Habito said gross domestic product (GDP) in the first nine months of 1997 grew only 5.2 percent compared to 6 percent growth in the same period of 1996.

GNP growth in the third quarter of 1997, from July to September, hit 5.7 percent compared to 6.9 percent growth in 1996, Habito said, adding that this was also better than expected.