Moody's expects 6.5% GDP growth for Q4 2012

Credit rating firm Moody's believes that the Philippine economy grew 6.5 percent in the last quarter of 2012 on the back of strong consumer spending, the steady flow of remittances, a "rosy" outlook and "a more business friendly setting" provided by the government. “The Philippines likely continued to grow above potential in the fourth quarter,” Moody’s Analytics said in its report, released Monday. With quarterly growths of 6.4 percent, 5.9 percent and 7.1 percent for the first nine months of 2012, a growth of 6.5 percent in the last three months of the year will bring the average GDP growth for 2012 to 6.475 percent—above the government's target range of 5 percent to 6 percent for the year. — BM, GMA News