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ING: PHL economy may average 5.3% from 2010-2016

Compared with previous administrations, the regime of President Benigno Aquino III is expected to post the fastest economic growth, Dutch-owned ING Bank N.V. said Thursday. ING economist Joey Cuyegkeng said in a forum that the country's gross domestic product (GDP) growth will likely average at 5.3 percent from 2010-2016. The average GDP growth of 4.7 percent was registered under the nine-year term of former President Gloria Macapagal-Arroyo from 2001-2010, Cuyegkeng said. The projected average GDP growth under the present administration would be faster than the average GDP growth of 3.4 percent booked during the term of the late President Corazon Aquino from 1986-1992, he added. ING Bank noted that the administration of former President Fidel Ramos from 1992-1998 posted an average GDP growth of 3.1 percent. The average GDP growth of 2.9 percent was posted under the term of former President Joseph Estrada from 1998-2000, Cuyegkeng said. The Erap administration was cut short after Estrada was sentenced to go to jail for plunder. Cuyegkeng pointed out that the present strengths of the Philippines include its robust external payments position on the back of record remittances from overseas Filipinos and all-time high gross international reserves. He also cited the country's healthy banking sector and the Aquino administration's commitment to trim the country's budget deficit to 2 percent of GDP by 2013 from 3.9 percent of GDP last year. — JE/OMG, GMANews.TV